Following the recent local peaks, bitcoin reversed its trajectory and dipped below $23,000 for the first time in several days.
Most altcoins have followed suit, with Ethereum falling below $1,600 and Polkadot dumping double digits.
Bitcoin Dips Below $23K
Ever since the US Federal Reserve last hiked the interest rates and President Biden refuted to admit that the country has entered into a recession, the price of bitcoin was riding high.
It jumped above $24,000 at the end of last week and rose even higher during the weekend. This resulted in a price above $24,500, which became the cryptocurrency’s highest level since June 13.
However, that didn’t last long and BTC retraced late on Sunday and yesterday. The past 24 hours brought some more pain for the bulls as bitcoin slipped below $23,000 for the first time since July 28. It currently trades there as well and its market cap has declined way below $450 billion.
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Despite the current downturn in the market, Morgan Creek’s Mark Yusko believes that the next massive uptrend will come in two years.
Craig Wright – the self-proclaimed Satoshi Nakamoto – was awarded a whopping amount of 1 GBP for the defamation lawsuit against Peter McCormack.
altcoins are bleeding profusely
Ethereum was on a roll until recently, charting above its own multi-week high of $1,700 during the weekend. However, it rallied below that level yesterday and is down over 6% in the past 24 hours. As a result, the largest altcoins are now trading below $1,600.
BNB, Ripple, Cardano, Dogecoin, Shiba Inu, and Avalanche have declined by up to 5% in a day. More losses come from Solana and MATIC, both of which are down by 6%. Polkadot, on the other hand, has dumped by 12% and sits below $8.
With several other lower and mid-caps in the red, the crypto market cap has declined from $50 billion to $1.050 trillion since Sunday.
