June 8, 2023

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Bitcoin Drops Below $20,000, Ethereum Tests $1,000

Bitcoin Drops Below $20,000, Ethereum Tests $1,000

Bitcoin It fell to a big new low in the current bear market.

On Saturday morning, the price of Bitcoin fell below $20,000, according to data from CoinMarketCapA significant milestone seen as a critical support level for the top cryptocurrency by market cap. At press time, Bitcoin is trading at around $19,460, down more than 6% on the day.

Although the BTC breakout of $20,000 is a largely token barrier, Experts believe a drop below this level Could lead to a wave of “forced liquidation”, where large-scale cryptocurrency investors will be forced to close positions on BTC derivative products because they now have insufficient collateral. Such events are likely to lead to a further decline in the bitcoin price, leading to more liquidations.

at the time of publication, Ethereum, still above the $1,000 support level, albeit partially; It is currently trading at around $1,020.

The total market capitalization of all cryptocurrencies is currently around $853 billion, down more than 5% in the last 24 hours.

according to Arthur HayesThe former CEO of BitMEX, the $20,000 and $1,000 price levels for BTC and ETH, respectively, which, if breached, would lead to “enormous selling pressure.”

Cryptocurrency markets fell early last month when major currencies fell In connection with the stock market. In a week, Terra’s stablecoin UST and original code LUNA They both fall apartwiping out about $40 billion in value.

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Since then, cryptocurrencies have been in a steady slide with tech stocks, a downturn that investors have accelerated Withdrawing millions of dollars from decentralized financeamid fears of a deteriorating bear market.

On Sunday, Cryptocurrency Lender Percentage All customer withdrawals are pausedciting concerns that the company will not have enough funds to cover the operation on the platform It stems from the de-pegging of the cryptocurrency from ETH.

As the cascading effects of each new downturn in the crypto market continue, it remains unclear when BTC, ETH, and the broader crypto market will hit the proverbial bottom.

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