The ongoing market decline just doesn’t seem to bottom out as Bitcoin fell below the coveted $20,000 line to a new multi-year low. Altcoins are also in the red, with ETH dipping below $1,000 for the first time in over a year.
Bitcoin misses the $20K mark
It was just over a week ago that BTC was holding high at $30,000 before US inflation figures took it south by around $1,000. The weekend and the beginning of the week were not so positive as the asset fell to $23,000 on Monday.
The situation worsened again in the following days, with BTC finding itself struggling to stay above $20,000 for most of the week apart from a brief push towards $23,000 after the Fed’s announcement of raising rates. interest rates at 75 basis points.
By Friday, BTC had somehow held above $20,000, but it almost seemed inevitable that sooner or later it would break below. And, as reported today, that happened a few hours ago when Bitcoin lost that coveted level and fell below the 2017 ATH as well.
Its market cap has shrunk to $360 billion and its dominance has shrunk to just over 43%.
BTCUSD. Source: TradingView
Notable Bitcoin News
Despite all the bearish sentiment in the crypto markets now, Adam Back remains bullish on the asset and believes it will hit $100K by the end of the year.
Mike Novogratz said that BTC is not going to go away, but it will take quite some time to recover from the recent drops.
Grayscale’s Bitcoin Trust premium has moved deep into negative territory with an all-time low of -34%.
Alts in Pain, ETH dropped below $1K
As is often the case when BTC heads south, so do altcoins. Ethereum is leading this adverse trend with a substantial daily drop that took it below $1,000 for the first time since January of last year. This means that the second largest crypto has lost 50% of its value in about a week.
BNB also fell below a $200 round number milestone after a similar daily drop. More pain is evident from Cardano, Ripple, Solana, Polkadot, Dogecoin, TRON, Siba Inu and many others.
The crypto market capitalization has lost another $60 billion and is down below $850 billion as of now.
Overview of the cryptocurrency market. Source: quantify crypto
After Celsius Network, Babel Finance also stopped withdrawals after announcing problems with its liquidity.
One of the co-founders of 3AC confirmed rumors that the company will be looking to sell some of its assets or ask for a bailout after being liquidated in many of its positions.
NFT scaling platform Immutable has raised $500 million to support the Web 3 and NFT projects.
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Cryptocurrency charts from TradingView.
This post $60B Wiped From Crypto Markets As ETH Drops Below $1K, BTC Drops Below $20K
was published first on https://cryptopotato.com/weekend-bloodbath-60-billion-erased-from-crypto-markets-as-eth-dumps-below-1k-btc-sub-20k/