BTC reaches lowest price since 2020 while ETH nears $2000 as the entire market is drowning in red today so let’s read more today in our latest cryptocurrency news.
The price of Ethereum dropped by 10% in the past 24 hours to put it under the $2100 mark for the first time since July 2021 and at the same time, BTC reaches lowest price since 2020, extending its losses by 7% to hit $28,170 which is the lowest point since December 2020 when it was in the middle of the rally on New Year. In what seems to be shaping the crypto market’s worst weeks, BTC and ETH lost 28% and 30% of their value respectively in the past week. Terra’s LUNA lost 99% of the value in the past week as Terra’s UST stablecoin lost its peg and took the top-10 asset and put it behind EOS for market cap.
BTC 24-hour Price Chart (Source: coingecko)
Apecoin entered the bear market and lost two-thirds of its value and last week’s Fantom value resulted in a crash of 65%. ETH and BTC are by far the leaders by cap and combined they account for two-thirds of the total crypto marekt cap’s value. The market cap is shrinking as it is down by 12% in the course of the past day and now sits at $1.24 trillion, the lowest point this year. The crypto meltdown is happening alongside the declinign stock prices. The NASDAQ and Dow Jones Industrial average continued their downwards movements since the Federal Reserve’s decision last week to raise the interest rates and roll back on monetary expansion. The FED’s goal is to fight the high inflation by making it expensive to borrow.
ETH 24-hour PRice Chart (Source: coingecko)
The Bitcoin-exposed stocks are taking quite the beating and they could be in for a lot more as coinbase reported the earnings recently. A huge sell-off on the market happens which sees BTC dipping below $30,000 and also triggered collateral damage to the stock prices of the other public companies with high exposure to the crypto markets. While overall share prices are sagging amid the market turmoil, the carnage was brutal for the likes of PayPal, Coinbase, and Block all of which invested in crypto. NASDAQ’s indexes are down around 5.5% over the past five days as the equivalent figure for Coinbase is an eye-watering drop of 35%.
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