Crypto Market Sheds $80B in Hours: BTC Struggles at $20K, ETH Amid $1K (Market Watch)

As bitcoin continues to fall, the adverse price movements in crypto markets aren’t stopping. It is now close to breaking the $20,000 mark. Altcoins could be in worse shape, with TRX dropping 25% and ETH falling below $1,000.

Bitcoin: Will $20K Make a Difference?

The primary cryptocurrency had just challenged $32,000 on several occasions last week. It failed and returned to $30,000.

BTC fell by one thousand dollars due to US inflation numbers on Friday. The situation deteriorated over the weekend. The asset dropped to $26,000 in just a few days. But, there was more pain.

Bitcoin fell by $3,000 Monday to a multiyear low. Yesterday’s recovery session saw it drop to $21,000 after a slight rebound. Today’s landscape is also bearish. BTC is currently below that level and close to breaking the 2017 ATH at $20,000.

Arthur Hayes believes that this could lead to more market sell-offs.

BTC’s market capital has fallen below $400 billion and its dominance is now less than 45%.

Cryptocurrency Market Overview. Source: Quantify Crypto

Notable Bitcoin News

SkyBridge Capital’s Anthony Scaramucci stated that while he advised investors to remain disciplined during the continuing crash, his company had purchased more BTC as well as ETH.

Eric Adams, the mayor of New York City, urged Governor Andrew Cuomo to veto the anti-bitcoin mining bill.

MicroStrategy confirmed it had not been given a margin call by Silvergate Bank on its $205M BTC-backed Loan. This was despite the plummeting prices.

TRX crashes hard, ETH at $1K

Altcoins have been just as affected, or worse than BTC and many continue to suffer. ETH has lost nearly 50% of its USD value within a matter of weeks. After another daily drop of nearly double digits, the second largest crypto is just inches from breaking below $1,000.

BNB is close to falling below $200, after it lost 11% in one day. Cardano and Solana are also down, as is Dogecoin. XRP, DOT and Shiba Inu, however, have fallen slightly less.

TRON lost the most value in one day. TRX has fallen 25% to $0.05

It’s not surprising that the crypto market cap is now at $900 billion, with the alts of lower and mid-cap being in similar situations.

Cryptocurrency Market Overview. Source: Quantify Crypto
ltcoin News

Contrary to the current market turmoil, Ripple’s CEO explained how his company has weathered previous storms and how this one will too.

Celsius Network hired restructuring lawyers to modify its platform after it stopped withdrawals a few days back.

Mike Novogratz explained why he believes ETH would hold the $1,000 line, despite the fact that the asset is so close breaking below it.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

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.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami