Bitcoin Falls Below $29K, Crypto Markets Lose $20B Daily
CRYPTO — In the past few hours, the price performance of Bitcoin has taken a severe turn for the worse, falling to a low point not seen in over 6 weeks, which is below $28,800. The entire value of all cryptocurrencies on the market has decreased by more than $20 billion, and the trend among altcoins is the same: they are all trading in the red.
The Bitcoin community may have been better prepared for the events of the last 24 hours as a result of Bitcoin’s propensity to not remain still for an extended period of time. This is due to the fact that the value of the cryptocurrency has been quietly trading in a band between $29,000 and $29,000 for almost a week, and even the increase in interest rates that the US Federal Reserve implemented on Wednesday did not significantly alter the market environment.
After that, the weekend arrived, which is by its very nature a less interesting section of the week, and the price of BTC remained close to $29,500. But all of that shifted during the early hours of today’s Asian trading day when bears seized control of the market and pushed bitcoin further south than it had been previously trading. As a direct consequence of this, the value of the asset decreased to a level that was its lowest since June 21 (on Bitstamp), which was $28,750.
Since then, it has been able to recover a few hundred bucks, but the current total is still less than $29,000. Its dominance over alternative cryptocurrencies currently stands at 48.3% on CMC, and its market capitalization has retraced to $562 billion.When Bitcoin prices go down, most other cryptocurrencies follow suit.
This has also been the situation for the previous twenty-four hours. ETH was unable to surpass $1,900 for several days in a row, and a loss of 1.5% has now pushed the second-largest cryptocurrency below $1,850. Additionally, Ripple, Dogecoin, Cardano, Polkadot, Shiba Inu, Tron, and Uniswap are all in the red by a very little margin.
Another source of losses comes from cryptocurrencies like as Polygon, Solana, and Litecoin, all of which have had daily declines of up to 4%. The situation is even more dire with Stellar and Optimism, as XLM has lost 5.5% of its value, while OP has lost 8% of its value in recent trading. CMC reports that the overall value of the cryptocurrency market cap has decreased to $1.160 trillion, which is down $20 billion from its all-time high from yesterday.
