Bitcoin's price dropped to a three-week low of around $22,000 today after an even more dramatic plunge yesterday.
Many alternative cryptocurrencies have had price declines of more than 10%. However, Ethereum prices may soon drop below $1,700.
The price of bitcoin has dropped to a level not seen in three weeks.
Weekends only a few days ago was when the principal cryptocurrency was at its peak. A $25,000 target was attempted and missed; but, in just over two months, it reached a peak of almost $25,200.
But the same thing happened again, and the asset was frozen while it dropped by more than $1,000 in a matter of hours. At that point, Bitcoin seemed to find some peace before attempting another leg up, which was again met with resistance at $24,400.
Since yesterday, BTC has fallen by another grand, this one has given considerably more suffering to the bulls. Over $400 million in daily liquidations have resulted from the cryptocurrency's dump of more than $2,000 in hours, bringing it to a three-week low of $21,400 (on Bitstamp).
Even while it has made significant gains recently, its market cap is still only $415 billion, well below the $22,000 it was at its all-time low.
BTCUSD. TradingView Alternative Markets Are Trading in the Red Once Again
The alternative cryptocurrencies all fell yesterday and are in even worse situation today, just like bitcoin.
Among the greatest performers recently, Ethereum topped $2,000 for the first time in 74 days over the weekend. Since then, however, it has plummeted and is struggling to keep over $1,700, a drop of almost $300 in a little over a week.
In the previous day, Binance Coin, Ripple, and Tron have all lost up to 9 percent of their value. Cardano, Solano, Dogecoin, Polkadot, Shiba Inu, Avalanche, and Polygon have all plummeted by double digits, and these are already significant losses.
The crypto market cap has dropped by $80 billion in a day, with smaller and medium-sized altcoins faring much worse. The indicator has dropped below $1.050 trillion, having lost nearly $120 billion over the preceding two days.
A Survey of the Cryptocurrency Industry. News from the Quantify Cryptocurrency Industry
Prior to the conclusion of the Merge, the Chicago Mercantile Exchange has announced its intention to launch ETH options.
If Coinbase allows institutional investors to stake ETH, according to analysts at JPMorgan, the company stands to gain a large amount of value.
Tether has changed auditors and has committed to providing more frequent updates on its financial reserves.
When asked about HUSD's recent devaluation against the dollar, Huobi indicated they stopped working on the project months ago.
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