Crypto Market Sheds $80B in Hours: BTC Struggles at $20K, ETH Amid $1K (Market Watch)
The crypto markets have seen another $80 billion gone as BTC fights to stay above $20,000 and ETH is at just over $1,000.
The adverse price movements in the crypto markets just don’t seem to stop as bitcoin took another leg down and is close to breaking below the $20,000 mark. Some altcoins are in even worse shapes, with TRX dumping 25%, while ETH could fall beneath $1,000.
Will $20K Hold for Bitcoin?
It was just last week when the primary cryptocurrency was aiming high and challenged $32,000 on a few occasions. However, it failed there and returned to a familiar ground of around $30,000.
The US inflation numbers from Friday sent BTC south by a thousand dollars before the situation worsened during the weekend. In just a few days, the asset fell to $26,000, but even more pain followed.
Bitcoin dropped by $3,000 on Monday to a multi-year low and, after a minor recovery session yesterday, dipped to $21,000. The landscape today is bearish as well. BTC is currently under that level and is close to breaking below the 2017 ATH of $20,000.
If this happens, it could trigger even more sell-offs in the market, at least according to Arthur Hayes.
As of now, BTC’s market cap has dumped below $400 billion, and its dominance over the alts is beneath 45%.
Notable Bitcoin News
While advising investors to be disciplined during the ongoing crash, SkyBridge Capital’s Anthony Scaramucci said his organization had bought more BTC and ETH.
The mayor of New York City – Eric Adams – urged the NY governor to veto the recently proposed anti-bitcoin mining bill.
MicroStrategy confirmed that it had not received a margin call on its $205M BTC-backed loan from Silvergate Bank despite the nosediving prices.
ETH at $1K, TRX Crashes Hard
The altcoins have suffered just as bad or even worse than BTC, and most continue to do so. ETH is among the most substantial losers, having lost almost 50% of its USD value in about a week. As of now, the second-largest crypto stands just inches away from breaking below $1,000, following another double-digit daily drop.
BNB is also close to slumping beneath $200 after losing 11% in a day. Cardano, Solana, and Dogecoin are down by similar percentages, while XRP, DOT, and Shiba Inu have declined a bit less.
TRON has lost the most value in a day. A massive 25% decline has pushed TRX to under $0.05.
With the lower- and mid-cap alts in similar situations, it’s no wonder that the total crypto market cap has seen another $80 billion gone in a day and is now below $900 billion.
In contrast to what is going on in the markets now, Ripple’s CEO explained why his company has managed to weather previous storms and that this one will pass too.
After halting withdrawals a few days ago, Celsius Network reportedly hired restructuring lawyers to amend its platform.
Mike Novogratz outlined his reasons why he believes ETH will hold the $1,000 line, even though the asset is so close to breaking below it.