Bitcoin Retraces to $21K as Crypto Market Drops Below $1 Trillion (Market Watch)
The crypto market is deep in the red once again. Bitcoin dropped back down to $21,000, while ETH struggles at $1,400.
Bitcoin’s nosedives continued in the past 24 hours, with the asset dropping to and below $21,000. The altcoins are also suffering, with Ethereum slumping by another $100 and more massive declines from Cardano, Solana, Shiba Inu, Polygon, and Avalanche.
Bitcoin Down to a Weekly Low
It was less than a week ago when the primary cryptocurrency was riding high and tapped a 40-day peak of over $24,000. As news emerged that Tesla had sold a substantial portion of its BTC holdings, though, the asset lost $2,000.
Despite recovering to some extent in the hours that followed, the start of the new week saw more price declines. As reported yesterday, bitcoin fell by over $1,000 and dropped below $22,000.
After standing there for a bit, BTC took another hit, similar to the previous one, and dumped by another $1,000. As a result, it sank to its lowest price position in a week of under $21,000.
Its market cap has declined to around $400 billion, while its dominance over the alts sits at 41.7%.
Notable Bitcoin News
The CEO of CryptoQuant provided data showing that MicroStrategy had not sold any of its BTC, unlike what some naysayers had said.
New filings with the SEC showed that Tesla had netted $64 million in gains from its bitcoin sale in Q2.
Altcoins Deep in Red Again
The alternative coins have also been in a state of freefall in the past few days. Ethereum, for example, soared above $1,600, which was a multi-high of its own. It traded there until Sunday but lost $100 yesterday and another $100 today. Consequently, the second-largest crypto is now close to breaking below $1,400.
BNB was north of $270 but now struggles to maintain $240. Cardano (-5%), Solana (-7%), Dogecoin (-5.5%), Polkadot (-6%), Shiba Inu (-8%), MATIC (-8%), and Avalanche (-7%) are also deep in the red on a 24-hour scale.
The landscape around the lower- and mid-cap altcoins is no different. Assets such as CRO, LINK, NEAR, TFUEL, APE, FLOW, BCH, and SAND have all lost up to 10% of value in a day.
As such, the crypto market cap has seen another $60 billion gone and is down below the coveted $1 trillion mark.
Bloomberg reported that Coinbase is facing an SEC probe due to some of its cryptocurrency listings.
Rug pulls continue to harm the industry, with the latest such example being TeddyDoge – another Dogecoin copycat.
Sam Bankman-Fried and Voyager exchanged blows over the failure to reach an agreement regarding a potential buyout.