Author:
The crypto markets saw another downturn as bitcoin dipped to just over $20,000 for the second time in the past few days. Most altcoins have also retraced on a daily scale, with ETH going below $1,100.
Bitcoin’s Latest Dip
The landscape around the primary cryptocurrency continues to be grim as the asset has lost approximately $10,000 in the past seven days. The start of this week brought more pain for the bulls as BTC stood around $27,000 before it began its rapid descent.
In just a matter of hours, bitcoin found itself dipping below $22,000 before it bounced off by a thousand dollars. However, the bears proved their dominance over the market and drove BTC south again. This time, it came just inches away from breaking below the coveted $20,000 mark.
As the Fed raised the interest rates by 75 basis points, BTC actually went on the offensive and spiked to $23,000 before it started to lose ground once again.
In the past 24 hours, the cryptocurrency dropped to a low of $20,250 (on Bitstamp). As of now, it has recovered around $1,000 and sits at just over $21,000. Its market capitalization is at $400 billion, but the dominance over the altcoins has been further reduced to 44.3%.
Notable Bitcoin News
Amid the ongoing market turbulence, the so-called bond king – Jeffrey Gundlach – asserted that the asset could fall even more to around $10,000.
The president of the CAR – the second-ever nation to adopt BTC as legal tender – noted that people who spend enough time understanding bitcoin now will prosper in the future.
FTX CEO Sam Bankman-Fried cleared the air on his views about bitcoin serving as a payment method, saying that layer-2 solutions could ultimately help the asset.
ETH Dropping Again
The alternative coins have mimicked BTC’s performance to a large extent in these challenging times. As such, most are in the red on a daily scale now.
Ethereum continues to be among the most substantial losers. In the past 24 hours alone, ETH has lost more than 6% of value and even dipped beneath $1,100 earlier today. Thus, the second-largest crypto is down by almost 50% in the past week.
Polkadot has seen a large chunk of value gone as well, being down 6.5% on the day. BNB, ADA, SOL, DOGE, and SHIB are also in the red, while XRP is among the few exceptions from the larger-cap alts.
This enhanced volatility with the altcoins as well as bitcoin has resulted in a large number of liquidations – over $200 million on a daily scale.
Altcoin News
The president of Panama decided to partially veto the cryptocurrency bill after weeks of anticipation.
A recent report informed that previous investors in Celsius Network will not pour any more funds into the struggling platform.
A new lawsuit filed in the US against Elon Musk, SpaceX, and Tesla alleged that the three parties engaged in a crypto pyramid scheme with Dogecoin.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.