Bitcoin Plummets Below $22K While Ethereum Eyes $1.7K (Market Watch)

Yesterday’s price decline was followed by another, more volatile, drop, which brought bitcoin to a low of $22,000 for three weeks.

Altcoins are also deep in red, with many double-digit price drops. Ethereum is on the other side, however, close to breaking under $1,700.

Bitcoin Drops to a 3-Week Low

It was only a few days ago, on the weekend, that the primary cryptocurrency was at its peak. It made a swing at $25,000 once and was rejected. However, it returned to its original high and reached a peak of more than $25,000.

The same scenario was repeated and Bitcoin crashed by more than $1,000 within hours. Bitcoin settled down before trying again to get another leg up. This time, it was rejected at $24,400.

The bulls were even more hurt by this one as BTC lost another $1000 yesterday. This situation was made worse by the cryptocurrency dropping to $21,000 in just hours. Bitstamp reported that it fell to $21,400 for three weeks, causing over $400 million in daily liquidations.

It has gained some ground but is still below $22,000 and its market capital has dropped to $415 billion.

BTCUSD. Source: TradingView
Deep Red Again

Altcoins are similar to bitcoin and in worse shape than they were yesterday.

Ethereum was one of the top performers in recent times, with a 74-day high over $2,050 at the weekend. However, it has been in a freefall ever since and is struggling to stay above $1,700. This means that it has lost more than $300 in less then a week.

In the last 24 hours, Binance Coin, Ripple and Tron have fallen by as much as 9%. Cardano and Solana, Dogecoins, Polkadots, Shiba Inus, Avalanche and Polygon have all suffered significant losses – all of them having been dumped by double digits.

The crypto market cap has fallen by $80 billion per day, with the alts of lower and mid-cap being in an identical state. This metric has seen more than $120 billion disappear in the last two days, and is now below $1.050 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

Chicago Mercantile Exchange stated that it will offer ETH options prior to the Merge.

Analysts at JPMorgan claimed that Coinbase could benefit greatly from institutional investors being able to stake ETH.

Tether has hired a new auditor, and it promised to provide more frequent reports about its reserves.

The HUSD was the latest stablecoin that lost parity to the dollar. Huobi however stated that they had backed out of the project many months ago.

CryptoPotato’s first post, Bitcoin Drops Below $22K and Ethereum Eyes $1.7K (MarketWatch), appeared first on CryptoPotato.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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