Bitcoin is now in a worse place, falling below the $20,000 mark. Many altcoins are also in red today with ETH nearing breaking below $1,000 and Solana dumping at double digits.
South Stock Markets Follow Bitcoin
This weekend was the weekend that the primary cryptocurrency reached a multi-day high of $22,000. The bears reaffirmed their presence and stopped any further increases.
The opposite happened. The asset started to lose value slowly and fell by about $1,000 over the next few hours. The asset tried to hold at $21,000 for a few more days, but it failed, and fell towards $20,000 on Tuesday & Wednesday.
It was initially able to sustain above this level but it seemed almost inevitable that it would fall below it. It did just that a few hours later, falling to an 11-day low of just above $19,000
BTC trades inches above this level and its market capital has dropped to $270 billion as of right now.
BTCUSD. Source: TradingView
BTC’s latest price declines coincide with similar movements in the futures contracts for the largest US stock markets indexes. Futures for the S&P 500 have fallen by more than 1% and are close to experiencing their worst first half of the year in over 40 years.
SOL is a hard job, so do ETH
It is a common occurrence for altcoins to go south when BTC goes down hard. This negative trend is led by Ethereum, which has seen a huge 7% daily drop. This has led to the collapse of Ethereum, which is now at $1,050 and has lost more than $200 in just a few days.
BNB (-5%) dropped to $210. Similar daily drops are seen in Ripple and Cardano as well as Dogecoin, Polkadot and TRON.
Avalanche and Solana have dropped by double-digit percentages over the past 24 hours. Both are down 10-11% to $32 & $16, respectively.
The total crypto market cap saw another $40 billion disappear in just one day, with the alts of lower and mid-cap being in deep red.
Cryptocurrency Market Overview. Source: Quantify Crypto
Notable Crypto News
OpenSea, a popular NFT marketplace, reported an earlier data breach and warned users about possible phishing attempts.
Elliptic claimed the Lazarus Group, North Korean-backed hackers, was responsible for the recent Harmony exploit that cost $100 million.
Three Arrows Capital was ordered to liquidation by a British Virgin Islands court.
Fundstrat analyst Mark Newton stated that BTC could experience more price drops in the coming weeks.
Grayscale stated it would sue the US SEC after the Securities Regulator rejected the company’s Bitcoin ETF Application.
MicroStrategy of Michael Saylor bought the dip by accumulating more 480 BTC for $10 million.
Marla Brooks – Financial Analysis
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