Coinciding with the faltering global markets…Bitcoin drops to its lowest level in 11 days
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Answer Coinciding with the faltering global markets…Bitcoin drops to its lowest level in 11 days
After the bloodbath on Wall Street and futures contracts in particular, bitcoin fell to an 11-day low under $20,000.
Bitcoin has taken another turn for the worse by dropping below the required $20,000 level which many followers consider to be an important psychological level.
Currently, most altcoins are also in the red, with Ethereum close to breaking the sub-$1,000 level and Solana sinking and dropping by double digits.
Bitcoin still follows the stock markets:
Over the past weekend when the primary cryptocurrency was aiming for a rally and benefited from a multi-day peak below $22,000.
He reminded the bears of their presence and did not allow any further increases.Read:“OpenSea” appoints a new chief financial officer, amid expectations that it is preparing for its IPO
On the contrary, Bitcoin gradually started losing its value and dropped by about $1,000 in the following hours.
Bitcoin tried to stand at around $21,000 for a few days but failed and fell back to the $20,000 levels on Tuesday and Wednesday.
Despite initially remaining above that level, Bitcoin continued its descending journey to an 11-day low of just over $19,000.
Now at the time of the article’s publication, Bitcoin continues to trade above the $19,000 level, and its market capitalization has dropped to $365 billion.
The recent drops in bitcoin prices come amid similar moves from the futures contracts of the largest US stock market indices.
S&P 500 futures are down more than 1%, and its index is close to posting its worst half-year in more than 40 years.
Impact of altcoins:
As it usually happens when Bitcoin heads south strongly, most altcoins follow.
Ethereum is leading the opposite trend with a massive daily drop of 9%.
As a result, the second largest cryptocurrency dropped below $1050, losing more than $200 in days.Read:A noticeable rise in the price of the Juventus digital currency (JUV) after the latest news of Ronaldo
BNB fell -5% to below $210.
Similar daily dips are demonstrated by Ripple, Cardano, Dogecoin, Polkadot and Tron.
However, the hardest hit are the Solana and Avalanche currencies, both of which have declined by double digits over the past 24 hours.
The massive decline in the price of Bitcoin and altcoins made the total market capitalization drop to $850 billion.
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