Over $200 Million in Liquidations as Bitcoin Dipped Towards $20K Again (Market Watch)
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%.
BTCUSD. Source: TradingView
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.
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.