The bitcoin price has dropped to $20,000 after the spike in volatility. XTZ and ATOM are the only alternative coins that are not quite as stable on a 24-hour basis.
Bitcoin Drops to $20K
It was the sentiment of almost the entire Q2, and it turned out to have been one of the worst bitcoin-related incidents ever. The past few days have seen BTC continue its decline.
Up to June 28, the cryptocurrency was at $21,000, but the bears reminded them of their presence. They initially pushed BTC down to $20,000 but it remained there for a few more days.
It eventually fell below that level, and it marked a new 10-day low below $19,000
Surprisingly the asset took the offensive and soared to just below $21,000.
But that was temporary and bitcoin quickly retraced its steps to $20,000 within minutes. The asset has seen a slight decline in value, now standing at just over $19,000 Its market capitalization is $365 billion.
BTCUSD. Source: TradingView
Notable Bitcoin News
VanEck, despite the failures in the past has decided to give it another shot by applying for a spot Bitcoin ETF with SEC.
The CFTC is currently investigating a case involving $1.7 BTC in cryptocurrency-related fraud.
Many on-chain indicators suggest that bitcoin may not have reached its bottom yet. This could mean that it could still be worth $15,000.
ATOM and XTZ Lead the Way
Altcoins experienced similar volatility towards the end of last week, but are now mostly calm.
Ethereum is still above $1,000 but has lost more than $200 over the past few days. BNB is now just below $220 after a slight daily decline.
Cardano and Shiba Inu are slightly under the radar on a daily basis, while LEO has fallen by more than 5%.
However, Tron, Polkadot and Dogecoin have seen insignificant price increases. ATOM and XTZ have seen more dramatic price increases – up by 8%, 7%, and respectively.
The crypto market cap is still in decline and currently stands at $900 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
3AC, a crypto-focused hedge fund that suffered, filed for bankruptcy. Voyager Digital had its withdrawals suspended due to Three Arrows exposure.
The European Commission and the other member countries agreed to enforce strict regulations regarding crypto industry.
Coinbase has denied selling user data to the US government, as was the case with Coinbase.
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