Bitcoin Breaks Beneath $20,000 Amid Market Selloff

Ethereum additionally dipped under $1,500 Saturday. 

Bitcoin Suffers in Market Dip 

The crypto market’s selloff hasn’t let up. 

Bitcoin briefly dipped under $20,000 Saturday, extending its weeks-long shedding streak. Based on CoinGecko information, it’s down about 3.9% right now and 18% over the previous 14 days. Bitcoin final dropped under the essential $20,000 degree in mid-July however has been hit by volatility in August. It’s at present buying and selling at $19,996. 

The world’s second-biggest cryptocurrency, Ethereum, additionally suffered as Bitcoin retraced. Based on CoinGecko information, Ethereum is 7.6% down on the day, buying and selling at about $1,475. Like Bitcoin, it’s had a rocky couple of weeks, shaving off about 24.7% of its market worth. 

A number of different belongings, together with Layer 1 networks Solana and Avalanche and DeFi staples Uniswap and Aave, have additionally bled within the downturn. 

A rally throughout the market all through July and early August sparked hopes that the crypto market might be displaying indicators of life after a months-long droop. Anticipation surrounding Ethereum’s Merge occasion was a very potent narrative amongst crypto merchants, significantly after its September launch date was scheduled. Nevertheless, current exercise means that the market has misplaced a few of the confidence it discovered earlier in the summertime. 

The worldwide cryptocurrency market capitalization is at present simply over $1 trillion after taking a 6.1% hit. That’s about 66% wanting its $3 trillion peak in November 2021. 

Disclosure: On the time of writing, the writer of this piece owned ETH, AAVE, and several other different cryptocurrencies. In addition they had publicity to UNI in a cryptocurrency index. 

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Bitcoin (BTC) $ 22,751.10
Ethereum (ETH) $ 1,549.21
Tether (USDT) $ 1.00
USD Coin (USDC) $ 1.01
BNB (BNB) $ 304.81
XRP (XRP) $ 0.396431
Binance USD (BUSD) $ 1.00
Cardano (ADA) $ 0.371107
Dogecoin (DOGE) $ 0.086844
Polygon (MATIC) $ 1.08