Crypto Markets Lose $50B in 2 Days as Bitcoin Slides Below $23K (Market Watch)

Bitcoin fell below $23,000 after the recent peak at the local level.

Many altcoins are following suit with Ethereum falling below $1,600, and Polkadot plummeting by double-digits.

Bitcoin Drops Below $23K

The price of bitcoin has been rising steadily since the last time the US Federal Reserve raised interest rates. President Biden denied that the country was in recession.

It reached $24,000 by the end of last week, and soared further over the weekend. This resulted in a price spike above $24,500 which was the highest since June 13.

But, this didn’t last and BTC reversed its decline late yesterday and Sunday. BTC fell below $23,000 for first time since July 28th for the bulls in the past 24 hours. It trades there at the moment and its market capital has fallen to $450 billion.

BTCUSD. Source: TradingView

Bitcoin News

Morgan Creek’s Mark Yusko believes that the next big bull run will occur in two years, despite the market downturn.

Craig Wright, the self-described Satoshi Nakamoto, was awarded 1 GBP in a defamation suit against Peter McCormack.

ltcoins are also dying

Ethereum was on an uptrend until recently. It reached a multi-week high above $1,700 over the weekend. It has fallen below $1,700 yesterday and lost more than 6% over the past 24 hours. The largest altcoin trades now below $1,600

BNB, Ripple and Cardano have all fallen by as much as 5% per day. MATIC and Solana are both down by 6%, respectively. Polkadot has dropped by 12% and is now below $8.

The crypto market cap has fallen by $50 billion to $1.050 trillion since Sunday, with many other smaller and mid-caps in red.

Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

Nomad Bridge, which lost almost $200 million, is the latest victim of hacking.

11 people were charged by the SEC for their participation in the Forsage crypto-piarism scheme.

The Ethereum inflation rates have risen dramatically recently as the EIP-1559 didn’t work as expected during the bear markets.

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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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