Bitcoin Crashes Close To $22,000 Just Days After Scaling $24K

Earlier today, Bitcoin lost more than $1,800 and hit $22,256. Generally, many do not view the correction as strange. Retracements like this are quite typical in the crypto sector, especially shortly after a considerable pump in the price of a crypto asset. Specifically, Bitcoin has pulled in more than 220% in gains for 2020. Consequently, several analysts believe that the retracement should have been largely expected as it was only a matter of time.

Altcoins are currently not fairing much better. Ethereum fell by 7.49%, XRP by 12.24%, and Litecoin by 13%. These plunges come as several countries are reintroducing COVID-19 restrictions as the second wave spreads.

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