After a few days of sideways trades, bitcoin fell by several hundred dollars to a weekly lowest of just over $23,000
Altcoins are mostly also in the red today. Avalanche, ShibaInu, and Solana are some of the notable losers.
Bitcoin reaches a new weekly low
Bitcoin went on the offensive after last week’s plunge to $22,000 and added a few thousand more. The weekend saw bitcoin surge to $25,200, making it the asset’s most expensive in more than two months.
It failed to climb further or stay there. BTC plunged more than $1,000 to $24,000 in the hours that followed.
It remained there for a while, even initiating another leg up, but it was stopped at $24,400. BTC was pushed south again by the bears who regained control of the market.
A further $1,000 drop followed and bitcoin fell to $23,200 per week (on Bitstamp). It is now just a few hundred dollars above that level, but its market capital has fallen to $450 billion.
BTCUSD. Source: TradingView
Monochrome, an Australian asset manager, was granted the green light for launching a Bitcoin ETF.
New York Judge allows Celsius to sell bitcoins it mines, while crypto lender struggles for liquidity.
Stronghold, a BTC miner, will return more than 26,000 mining equipment to NYDIG in order to pay off a $67 million loan.
lts. See Red
Altcoins also saw gains over the weekend, but they started the week slowly and are now in the red.
Ethereum reached a multi-month peak of $2,050. The spike was abruptly stopped and the cryptocurrency has fallen $200 since. ETH is now at $1,850, despite another small daily decline.
Similar price drops were seen in Binance Coin and Ripple Coins, Cardano and Dogecoins, Polkadot and MATIC.
But, there are more losses from Solana and Shiba Inu than from Avalanche, which is a larger-cap alt. They are all down as much as 6% per day.
The crypto market cap saw $50 billion disappear in just a single day, with most altcoins of lower and mid-cap sizes in the same position. This metric has fallen to just above $1.1 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Aave proposes exclusive support for PoS once the Merge is completed, despite the ongoing war between PoW and Ethereum PoS supporters.
Arthur Hayes thinks the Merge mentioned will have a significant effect on ETH’s price. He compares it to the Bitcoin halving.
Genesis’ CEO, after having laid off 20% of its workforce, has left the company.
Crypto Markets Lose $50B, Bitcoin Drops to Weekly Lows – Market Watch appeared first on CryptoPotato.
Marla Brooks – Financial Analysis
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