Bitcoin price has been subject to some volatility recently, falling below $28k this morning and hitting its lowest level since July of last year.
The world's largest digital currency by market value dipped below $26.597 in midday trading before recovering to $28.800 at press time.
Analysts cited various factors when explaining the recent market declines, including central bank rate hikes, UST losing peg, LUNA price plunge. leading to a domino effect of selling off the entire market.
Several market observers have pointed to a risk-free trade when describing the recent downtrend in the Bitcoin price. “Bitcoin has fallen alongside traditional markets as traders and investors take on risk in the face of recession and inflation,” said crypto investor and analyst Scott Melker.
“Bitcoin fell below $30K, largely as a result of the Luna Guard Foundation dumping Bitcoin on the market in a desperate attempt to save the UST price,” Melker said.
Melker thinks the crypto market is experiencing its worst days in history.
Many whales are heavy holes
Not only small investors but even the "big hands" in the market are also suffering very heavy losses.
We can see more clearly in the Forbes statistics table below.