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Cryptocurrency market plunges by $50 billion in two days as Bitcoin drops below $23,000

Cryptocurrency market plunges by $50 billion in two days as Bitcoin drops below $23,000

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Answer Cryptocurrency market plunges by $50 billion in two days as Bitcoin drops below $23,000

After the recent peaks, Bitcoin reversed course and fell below $23,000 for the first time in several days.

Most altcoins followed suit, with Ethereum dropping below $1,600 and Polkadot sank by a double-digit percentage.

Bitcoin drops below $23,000:

Since the US Federal Reserve last raised interest rates, and US President Joe Biden refused to acknowledge that the country had entered a recession, the price of Bitcoin has been booming.

Bitcoin price jumped above $24,000 last weekend and rose further over the weekend.

Bitcoin peaked above $24,500, which became the cryptocurrency’s highest since June 13.

But all this was short-lived, as the Bitcoin price rebounded late on Sunday and continued until the moment.

Read:Report: Crypto crimes cost the world $4.4 billion in 2019

The past 24 hours brought more pain to the bulls as the price of Bitcoin fell below $23,000 for the first time since July 28.

This caused the market value of Bitcoin to drop below $450 billion.

Despite the current downturn in the market, Mark Yusko of Morgan Creek believes that the next massive rally for Bitcoin will be in two years.

Altcoins are bleeding too:

Just like Bitcoin, Ethereum price charted a multi-week high above $1,700 over the weekend.

However, yesterday it stopped at that level and lost more than 6% in the last 24 hours.

As a result, the largest altcoin is now trading at less than $1,600.

BNB, Ripple, Cardano, Dogecoin, Shiba Inu and Avalanche are also down 5% in one day.

More losses come from Solana and MATIC, as both are down 6%.

On the other hand, Polkadot is down 10% and is now trading at less than $8.

Falling Bitcoin and Altcoins Make Market Cap go down But it is still above 1 trillion and is currently estimated at 1.04 trillion dollars.

Read:Small Bitcoin Investors Continue Accumulating Cryptocurrencies

Read also:

Crypto Funds Record Strongest Institutional Monthly Flows in 2022

After the “EIP1559” protocol ineffective…Ethereum inflation reaches dangerous levels


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