As bitcoin fell below the $20,000 mark, it is clear that there is no bottom to the market crash. This new low marks bitcoin’s value for many years. Altcoins are also in trouble, with ETH falling below $1,000 for the first-time in more than a year.
Bitcoin loses the $20K mark
BTC was at $30,000 just a week ago, when the US inflation numbers drove it down by about a grand. BTC fell to $23,000 Monday morning after a negative weekend.
In the following days, the situation got worse and BTC was struggling to stay above $20,000 for most of the week. There was a brief lift towards $23,000 when the Fed announced that it would raise the interest rates by 75 basis point.
BTC had maintained a price above $20,000 on Friday. However, it seemed almost inevitable that it would fall below that level sooner or later. As we reported earlier today, bitcoin also lost the coveted level of $20,000 and fell below 2017’s ATH.
Its market capital has fallen to $360 billion and its dominance is now just 43%.
BTCUSD. Source: TradingView
Notable Bitcoin News
Adam Back, despite all the bearish sentiment in crypto markets right now, is still bullish about the asset and believes that it will reach $100K by end of year.
Mike Novogratz stated that BTC will not disappear, but it will take a while to recover from recent slumps.
Grayscale’s Bitcoin Trust premium has plunged to negative territory, with an all-time low at -34%.
lts in pain, ETH dropped below $1K
The altcoins follow the same pattern as BTC, which is why it tends to go south. This negative trend is led by Ethereum, which has seen a significant daily drop that has pushed it below $1,000 for only the second time since January last year. The second largest crypto has lost half its value within a matter of a week.
After a similar daily drop, BNB fell below $200. Cardano and Ripple are all experiencing more pain.
The crypto market cap is now down to $850 billion, having lost $60 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Babel Finance, following the announcement of liquidity issues by Celsius Network, also stopped withdrawals.
3AC’s co-founder confirmed rumors that the company would like to sell assets or get a bailout, after it was liquidated in many of its positions.
Immutable, a NFT scaling platform, raised $500 million to support Web 3 (and NFT) projects.
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