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Bitcoin Slips to $20K, Shiba Inu Soars 12% (Market Watch)

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Shiba Inu has taken the main stage with a massive double-digit price surge, while BTC and most alts are in the red.

After a few days of recovering some of the recent losses, bitcoin has reversed its trajectory and has dropped to around $20,000. Most of the altcoins are in the red as well today, aside from Shiba Inu and LEO, both of which have charted impressive gains.

Bitcoin Down to $20K

Following last week’s massacre that culminated in a new 18-month low at $17,500 on Sunday morning, the cryptocurrency started to recover some gains.

It bounced off that line rather quickly and challenged $20,000 less than a day later. It ultimately broke above that coveted line and kept climbing. As a result, BTC found itself eyeing $22,000 yesterday.

However, it failed at that point and began losing value gradually, resulting in a dip to $20,000. As of now, the asset has managed to sustain above that level and trades just over it.

Its market capitalization, though, has declined to well below $400 billion and its dominance is down to 43.3%.

Notable Bitcoin News

Bitfarms, one of the largest crypto miners, had to sell 3,000 BTC and adjust its HODL strategy amid the ongoing market crash.

Gareth Soloway, who predicted BTC’s rise and drop last year, said the asset is not out of the woods yet and could even drop to $10,000 in the next several weeks.

With bitcoin losing almost 50% of its value in just over a week, the number of “bitcoin dead” Google searches skyrocketed to yearly highs.

SHIB Leads the Way

Most of the altcoins have followed BTC south in the past 24 hours. Ethereum is once again among the most substantial losers after a 7% daily decline. Consequently, ETH is back below $1,100.

Cardano, Solana, and Polkadot have declined by similar percentages. As a result, ADA is way beneath $0.5, SOL is at $34, and DOT is at $7.5.

In contrast, Shiba Inu and LEO have soared on a 24-hour scale. SHIB has jumped by almost 12% in a day and currently sits at $0.000009. LEO, on the other hand, is close to $6 after a 7% increase.

The crypto market cap has lost around $30 billion in a day and has dropped below $900 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Altcoin/Industry News

Tether said it will launch its fifth fiat-currency-pegged stablecoin in July, this time backed by the British Pound.

Despite confirming that he still owns bitcoin, Elon Musk asserted that he had not urged people to invest in crypto in the past.

The team behind the Bored Ape Yacht Club said they had partnered with Rolling Stone (again) to launch a special edition digital collection.

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