Cryptocurrency markets are once again losing their value and capitalization as bitcoin’s (BTC) price has crashed, temporarily hitting sub-$33,000.
The currency dropped to $32,400 before climbing back up again. The event triggered a chain-reaction across the crypto market and led ethereum (ETH) to fall below $2,500.
According to analyst William Clemente III the event coincided with miners selling 5,000 BTC in the past week, or the equivalent of $164m at present prices.
Other analysts, including Timothy Peterson, noted that BTC’s price was still below its 200-day simple moving average for a seventeenth day in a row. According to Peterson, this marks the end of a bull run and the beginning of a bear market.
As BTC and ETH have been losing some of their value over the past few weeks, trends have shown that more institutional investors have been inclined to back ETH as a long-term investing option.
This event comes after a bonanza of bitcoin investments that ended with Tesla and Elon Musk reportedly pulling out of the market and triggering a market-wide recession.
To attest to what appears to be skittish investment in BTC, CoinShares reported that BTC product outflows had reached $141bn in the seven days leading up to June 7.