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Bitcoin Dumps to 11-Day Low Beneath $20K as Global Markets Tumble (Market Watch)



Following the bloodbath on Wall Street and the futures contracts in particular, BTC dropped to an 11-day low beneath $20K.

Bitcoin has taken another turn for the worse by plummeting below the coveted $20,000 mark. Most altcoins are also in the red today, with ETH close to breaking beneath $1,000 and Solana dumping by double digits.

Bitcoin Follows Stock Markets South

It was just during this past weekend when the primary cryptocurrency aimed higher and tapped a multi-day peak of just under $22,000. However, the bears reminded of their presence and didn’t allow any further increases.

Just the opposite, the asset began to lose value gradually and dropped by around $1,000 in the following hours. It tried to stand around $21,000 for a few days but failed and dropped towards $20,000 on Tuesday and Wednesday.

Although initially it sustained above that level, it almost felt inevitable that it will break below it. And so it did a few hours ago by plunging to an 11-day low of just over $19,000.

As of now, BTC continues to trade inches above that level, and its market cap has dumped to $270 billion.

The latest price declines for BTC come amid similar movements from the futures contracts of the largest US stock market indexes. The futures of the S&P 500 are down by over 1%, and the index is close to registering its worst first yearly half in over 40 years.

SOL Dumps Hard, So Do ETH

As it typically happens when BTC heads south hard, so do most of the altcoins. Ethereum leads this adverse trend with a massive 7% daily decline. As a result, the second-largest crypto is down to $1,050, and it has lost over $200 in days.

BNB (-5%) has dropped to $210. Similar daily declines are evident from Ripple, Cardano, Dogecoin, Polkadot, and TRON.

However, Solana and Avalanche have dumped by double-digit percentages in the past 24 hours. Both are down by 10-11% to $32 and $16, respectively.

With the lower- and mid-cap alts deep in the red as well, the total crypto market cap has seen another $40 billion gone in a day.

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

Notable Crypto News

The popular NFT marketplace – OpenSea – reported a data breach earlier today and warned users of potential phishing attempts.

Elliptic claimed that the Lazarus Group – the North Korean-backed hackers – was behind the recent $100 million Harmony exploit.

Three Arrows Capital was ordered into liquidation by a court in the British Virgin Islands.

Fundstrat’s analyst Mark Newton said BTC could face more price dumps in the following weeks.

Grayscale said it will sue the US SEC as the securities regulator rejected the company’s Bitcoin ETF application.

Michael Saylor’s MicroStrategy bought the dip by accumulating 480 BTC more for $10 million.

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