After a few days of exploring higher grounds, bitcoin reversed its trajectory yesterday and dipped towards $20,000. Most altcoins are also in the red today, with SOL, DOGE, SHIB, AVAX, and others charting daily declines. Tezos, on the other hand, has defied the market sentiment.
Bitcoin Maintained $20K
Following the mid-month massacre, in which bitcoin slumped by over $12,000 to an 18-month low of $17,500 last Sunday, the past week was more positive for the asset as it recovered over $4,000.
Then came the weekend in which BTC remained relatively calm and stood firm at around $21,000. In fact, it even spiked to a ten-day high of just over $21,800 but was stopped there.
In the following hours, the cryptocurrency started to lose value gradually and eventually found itself dropping below $21,000. The daily low came at around $20,500, but the community’s fears that it will plunge towards $20,000 didn’t come to life.
Just the opposite, bitcoin bounced off and is currently sitting close to $21,000. Nevertheless, its market cap has slipped below $400 billion while the dominance over the alts sits tight at 42.5%.
Notable Bitcoin News
Despite the adverse price developments, investors have withdrawn large portions of their BTC holdings as the number of coins sitting on exchanges dropped to a 3-year low.
After becoming the second nation to adopt bitcoin as a legal tender, the Central African Republic announced the crypto hub launch date.
The Chairman of the SEC – Gary Gensler – said he is willing to call only bitcoin a commodity.
XTZ Defies the Odds
Most altcoins have followed BTC south with declines on a daily scale. Ethereum also tapped a multi-day high during the weekend but failed to increase any further. In the past day, ETH has slid by just over 1.5% but still trades above $1,200. BNB is down by a similar percentage and is close to $240.
Ripple, Cardano, TRON, and LEO have all declined by up to 4% in a day. More daily drops, though, are evident from Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and MATIC.
They have also seen up to 8.5% of value gone, and SOL is down below $40, DOGE is struggling to remain above $0.07, DOT is beneath $8, SHIB is back to $0.000011, AVAX is under $20, and MATIC is at $0.53.
Tezos and ApeCoin are among the few assets in the green. XTZ is up by 9% in a day and sits at $1.65, while APE, perhaps fueled by the recent hype when BAYC was included in a rap video by Eminem and Snoop Dogg, has jumped by 6.5% to $5.2.
Ripple’s CEO said the company will leave the United States should the SEC win the ongoing court battle.
ProShares’ latest report showed that cryptocurrency financial products saw the largest outflows in the past week.
Reports emerged claiming that hedge funds had begun shorting USDT following the UST saga, and Tether’s CTO confirmed that there are indeed such attempts.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
A quant has explained how there is a connection between the recent trends in the US stock …