- Bitcoin dropped below $33K after a continuous plummet from $36K.
- The downward pressure was due to increased interest rates imposed by the US Federal Reserve.
- Economists and crypto insights predicted it will hit $10K this year.
The first cryptocurrency Bitcoin dropped below the $33,000 mark after falling by almost 6.9% in the past 24 hours and about 18.7% for the past seven days.
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According to the data from CoinMarketCap, the market capitalization of the largest cryptocurrency collapsed to less than $600 billion. Yet, that amount was sitting at more than $900 billion on March 28.
The downward pressure started after the US Federal Reserve disclosed that it would increase interest rates on Wednesday, disregarding the short gain seen in Bitcoin earlier last week.
Chief Economist & Global Strategist Peter Schiff shared in a tweet on Sunday that “Bitcoin is coming under pressure again” and “looking to form new support at $35K.” If the coin “failed to hold $36k,” he believes that “$33K will be the next challenge.” However, Bitcoin has already fallen below $33K, and is currently sitting in the $31K mark.
Schiff also predicted that if Bitcoin “breaks decisively below $30K, it seems highly likely that it will crash below $10K.”
As per the CoinShares Digital Asset Fund Flows weekly report, Bitcoin outflows the week prior to the previous run to $133 million, the highest since June 2021. This resulted in holders and investors pulling assets out of Bitcoin exchange-traded funds more than a week ago.
Crypto Insights Newsletter CryptoWhale tweeted that Bitcoin inflows to exchanges are up over 438% this week. The newsletter, which also predicted that BTC will hit $10,000 this year, revealed that whales are ready to dump.
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