Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000
July 01 2022 - 11:00AM
NEWSBTC
As of June 28, the bitcoin price fluctuated slightly above the $20K
mark. However, toward the end of the day, it eventually dropped to
$20K. The market watch also noted the bearish state in the price of
most altcoins. These include DOGE, AVAX, SOL, and many others.
Drawing from June 29 data, Bitcoin’s price has finally plunged
below the $20K mark. Many renowned cryptos like the Ethereum, Shiba
Inu, and Doge tokens also feel the heat of the bearish turn in the
market. Bitcoin Lost The $20,000 Price Mark According to the news
last week, Bitcoin made several attempts to come off the loss in
value. During that time, its price shot from $17,500 to $21,000.
This was a recovery from its 18-month low price mark. It sustained
this $21K price mark until it hit its 10-day high price, a little
over $21,800. Suggested Reading | Bitcoin Slides Under $20K –
Another Collapse In The Offing? The journey to a higher price
became abortive for BTC, and it eventually dipped lower than $21K.
It attempted to hit this price, but all attempts proved
unsuccessful. BTC’s unsuccessful attempts to appreciate eventually
turned into a bearish trend toward $20K. According to the news on
June 28, it managed to get slightly above the $20K benchmark. From
today’s market watch, the price of Bitcoin has plunged below
$20,000. At the time of writing, it is still fluctuating below this
price, bringing its market cap below $400B. The Effect On Other
Digital Tokens The bearish movement of Bitcoin’s price affects the
rest of the digital tokens. This explains the several red bars in
the crypto market chart. During the last weekend, Ethereum
attempted to go higher amid the bearish state of the market. At the
time, ETH was trading at $1,200. However, this did not last too
long as Ethereum’s price currently sells at $1,116, about a 6.5%
daily decline in price. According to the altcoins price data from
CoinMarketCap, BNB now trades at $219. This is about a 7.5% 24
hours plunge in its price. There are other altcoins down trend
records like SOL, DOGE, SHIB, and XRP, to mention a few. Suggested
Reading | Ethereum (ETH) Hammered Down To $950 As Crypto
Selloff Deepens Also, despite the slight appreciation of the LEO,
Tron, and Cardano tokens, they remain in the chart’s red zone. So,
judging from the current state of all crypto assets from 2 days
back, the total dump in the overall market cap sums up to $60B.
Adding this figure to the total drop in the market cap since the
beginning of the bearish trend equates to $900 Billion. Featured
image from Pexels, chart from TradingView.com
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