Crypto Markets Lose $50 Billion as Bitcoin Drops to Weekly Lows (Market Watch)

After a few days of sideways trading, bitcoin fell several hundred dollars to a weekly low of just over $23,000.

Most altcoins are also in the red today. Some of the day’s most notable losers include Solana, Shiba Inu and Avalanche.

Bitcoin marks a new weekly low

After last week’s drop to $22,000, bitcoin went on the offensive and added a few thousand dollars. This culminated in a surge above $25,200 over the weekend, which became the highest price for the asset in more than two months.

However, he failed to keep climbing or even stay there. In the hours that followed, BTC plunged from over $1,000 to around $24,000.

It sat there for a while and even kicked off another leg, but it was stopped at $24,400. The bears regained control of the market and pushed BTC south again.

Another drop of $1,000 followed and bitcoin hit a weekly low of $23,200 (on Bitstamp). Currently, it sits a few hundred dollars north of that level, but its market capitalization has slipped to $450 billion.

BTCUSD.  Source: Trading View
BTCUSD. Source: Trading View

Bitcoin News

Australian asset manager Monochrome has been given the green light to launch a Bitcoin ETF in the country.

The New York judge has allowed Celsius to sell the bitcoin it mines while the crypto lender struggles with cash.

BTC miner Stronghold will return over 26,000 mining rigs to NYDIG to clear a substantial $67 million debt.

Alts See red

Altcoins also saw gains over the weekend, but started the work week slowly and are now in the red.

Ethereum hit its own multi-month high at over $2,050. He was arrested there and has since lost $200. As a result, ETH is now struggling at $1,850 after another minor daily decline.

Similar price drops come from Binance Coin, Ripple, Cardano, Dogecoin, Polkadot, and MATIC.

However, more losses are evident from Solana, Shiba Inu and Avalanche of the larger cap alts. All are down as much as 6% in one day.

With most small- and mid-cap altcoins in a similar position, the crypto market cap saw $50 billion disappear in one day. The metric fell to just over $1.1 trillion.

Presentation of the cryptocurrency market.  Source: Quantify Cryptography
Presentation of the cryptocurrency market. Source: Quantify Cryptography

Industry News

With the war between Ethereum PoS and PoW proponents, Aave wants to offer exclusive support for the PoS version after the merger is complete.

Arthur Hayes believes the aforementioned merger will have a profound effect on the price of ETH, comparing it to Bitcoin’s halving.

After laying off 20% of the workforce, the CEO of Genesis left the company.

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Cryptocurrency charts by TradingView.

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