- Bitcoin drops to its weekly low at about $39K after dropping down for 24 hours on Monday.
- The crypto market is also heading down, while analysts are warning of lower numbers.
- In other news, India’s trading volume heads down by 72% since the new tax law was applied.
The number one cryptocurrency, Bitcoin, dips to a weekly low by dropping down to around $39K during the last 24 hours, as it keeps swinging around the mentioned number. The news came as a shock to many crypto enthusiasts.
Some of the concerns came on Twitter from famous crypto accounts such as CryptoWhale, who commented, saying “Bitcoin is in for a major crash below $30K in the near future. Don’t say I didn’t warn you!”
Crypto Hover also commented, saying “I BELIEVE $40,000 WAS THE BOTTOM FOR Bitcoin. I am buying the dip like never before!”
Meanwhile, Bitcoin’s official page replied to the dip with one tweet that was met with conflicting opinions. Some of the comments implied that it is only temporary before the coin rockets back up, while others stated that they are expecting a drop to $36K.
While Bitcoin is swinging at around $39K, other major coins are also dipping such as Ethereum, which is now priced at around $3K after an all time high of a bit less than $5K. BNB is also dipping to around $400 after an all time high of around $700.
In other news, India’s crypto trading volume dropped by 72% in some exchanges since the new tax law came into effect on April 1, 2022. The data was provided by a crypto research organization named Crebaco.
The numbers show a drop of 72% on Wazirx, 59% on Zebpay, 52% on CoinDCX, and 41% on BitBns. The Indian crypto market is suffering major losses ever since the new 30% tax on crypto exchanges was applied.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.