The ongoing market crash just doesn’t seem to find a bottom as bitcoin dumped below the coveted $20,000 line to a new multi-year low. The altcoins are deep in the red as well, with ETH slumping below $1,000 for the first time in over a year.
Bitcoin Loses the $20K Mark
It was just over a week ago when BTC stood tall at $30,000 before the US inflation numbers drove it south by around a grand. The weekend and the start of the week weren’t all that positive as the asset fell to $23,000 by Monday.
The situation took another turn for the worse in the next few days, and BTC found itself struggling to remain above $20,000 during most of the week, aside from one brief pump towards $23,000 after the Fed’s announcement of raising the interest rates by 75 basis points.
By Friday, BTC had somehow sustained above $20,000, but it almost felt inevitable that it will break below it sooner or later. And, as reported earlier today, that happened a few hours ago when bitcoin lost that coveted level and dropped below the 2017 ATH as well.
Its market cap is down to $360 billion, and its dominance has been reduced to just over 43%.
Notable Bitcoin News
Despite all of the bearish sentiment in the crypto markets now, Adam Back is still bullish on the asset and believes it will tap $100K by the end of the year.
Mike Novogratz said BTC is not going away, but it will take quite a long time to recover from the recent slumps.
The premium on Grayscale’s Bitcoin Trust has gone deep into negative territory with an all-time low of -34%.
Alts in Pain, ETH Dipped Below $1K
As it typically happens when BTC heads south, so do the altcoins. Ethereum leads this adverse trend with a substantial daily decline that pushed it below $1,000 for the first time since January of last year. This means that the second-largest crypto has lost 50% of its value in about a week.
BNB also dipped below a round-numbered milestone of $200 after a similar daily drop. More pain is evident from Cardano, Ripple, Solana, Polkadot, Dogecoin, TRON, Siba Inu, and many others.
The crypto market cap has lost another $60 billion and is down below $850 billion as of now.
Altcoin/Industry News
Following Celsius Network, Babel Finance also paused withdrawals after announcing issues with its liquidity.
One of the co-founders of 3AC confirmed the rumors that the company will look to sell some of its assets or for a bailout after getting liquidated on many of its positions.
The NFT scaling platform Immutable raised $500 million to support Web 3 and NFT projects.
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