Yesterday’s price drop was followed by another, even more volatile, which took bitcoin to a three-week low below $ 22,000.
Most altcoins are also in the red, with many prices plummeting to double digits. Ethereum, on the other hand, is close to dropping below $ 1,700.
Bitcoin drops to a 3-week low
It was only a few days, over the weekend, when the leading cryptocurrency was going high. Once it took a swing at $ 25,000, it was turned down, but it came back and jumped to a two-month high of over $ 25,200.
However, the same scenario repeated itself and the asset stopped, dropping over $ 1,000 in hours. Bitcoin calmed down there before trying another lead, which was again turned down at $ 24,400.
This brought even more pain to the bulls as BTC found itself sliding by another big yesterday. The situation got worse today as the cryptocurrency dumped over $ 2,000 in hours and dropped to a three-week low of $ 21,400 (on Bitstamp), resulting in over $ 400 million in liquidation on a daily scale.
As of now, it has recovered but is still far below $ 22,000 and its market cap has plummeted to $ 415 billion.
Alt again in deep red
Similar to bitcoin, altcoins fell yesterday and are in even worse shape today.
Ethereum has been among the best recently, having recorded a 74-day high above $ 2,050 over the weekend. Since then, however, he has gone into freefall and is now struggling to stay above $ 1,700, which means he has lost over $ 300 in less than a week.
Binance Coin, Ripple and Tron have all dropped as much as 9% in the past 24 hours. Even more substantial losses are evident from Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche and Polygon, all of which were dumped in double digits.
With the small- and mid-cap alts in a similar state, the market cap of cryptocurrencies dropped by $ 80 billion in one day. The metric has seen over $ 120 billion gone in the past two days and sits below $ 1,050 trillion.
Industry news
The Chicago Mercantile Exchange said it plans to launch ETH options prior to the completion of the merger.
JPMorgan analysts said Coinbase can significantly benefit from allowing institutional investors to invest in ETH.
Tether has hired a new auditor and promised to provide more frequent reports on its reserves.
HUSD became the latest stablecoin to lose dollar parity, but Huobi said she pulled out of the project months ago.
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