Bitcoin's price stumbled during Friday trading. The most popular cryptocurrency dropped to below $22,000, the lowest level it reached in over three weeks.

Bitcoin Price Drop Hits Under $22,000

(Photo : regularguy.eth from Unsplash)
Aside from Bitcoin, Solana, Cardano, Ether, and Binance Coin also plunged on Friday.

According to CNBC, BTC's value has plunged to under $21,500, the CoinDesk data says. The change occurred at 2:30 AM ET, but before that, the cryptocurrency climbed to $22,738.

After hitting below $22,000 on Aug. 19, the famous digital coin recovered in a 10-minute interval. 

Before that, Bitcoin reached the $25,000 mark. The first time that it hit this target was in June, when the US-based stocks reportedly improved.

Over the past seven days, the largest crypto plunged to over 4%. At the same time, other cryptocurrencies such as Ether and Solana fell, as well.

Other Crypto Coins Plummet Recently

When BTC's price tumbled instantly, Ether, Binance Coin, and other cryptocurrencies shared the same fate.

Ether, the second most popular crypto, has suffered from a 3% drop during the time. It managed to hit $1,808 before landing at $1,728.

According to eToro's crypto market analyst Simon Peters, the market drops have been affected by global inflation. 

"With the tight correlation between US equities and crypto in recent months, I suspect this has filtered through to crypto markets and it's why we are seeing the sell-off. The trend has also perhaps been exacerbated by the liquidation of long positions on bitcoin perpetual futures markets," Peters added.

The expert continued that Bitcoin rolled back to around $17,500 back on June 18. At the time, the biggest liquidations of the coins were observed by analysts.

As per Forkast, the meme coin Dogecoin also fell to 7.1%. Polkadot dropped to 4.5 in the early hours of trading in Asia. Meanwhile, Shiba Inu was down to 9.2%.

In an interview with the crypto-centered publication, Bybit's head of communications Igneus Terrenus said that meme coins might be taken as a joke sometimes, but they could be an important asset for the "people's imagination."

You can monitor  the values of Crypto Coins on Bitsoft360.

Related Article: Bitcoin Plunge Triggers More FUD in China, Claims Crypto is 'Worthless'

Crypto Market Remains Shaky

The sudden price drop of Bitcoin and other digital coins could indicate that the market is still unsteady at the moment. 

Several investors fear that the current economy of China is a big factor in this see-saw cycle. As a result, Chinese Premier Li Keqiang encouraged the people to support the local businesses in the country to contribute to the economic recovery.

This might be the best time to hold the assets amid the bearish market. It will take some time for the coins to revert to their expected market value, but it's a wiser decision than risking your investments all of a sudden.

Read Also: Cross-Chain RenBridge is Used by Criminals to Launder Crypto, Research Shows

Related Article: Bitcoin Plunge Triggers More FUD in China, Claims Crypto is 'Worthless'

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Written by Joseph Henry