$60B Erased From Crypto Markets as ETH Dumps Below $1K, BTC Sub-$20K

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The ongoing market crash just doesn’t seem to find a bottom as bitcoin dumped below the coveted $20,000 line to a new multi-year low. The altcoins are deep in the red as well, with ETH slumping below $1,000 for the first time in over a year.

Bitcoin Loses the $20K Mark

It was just over a week ago when BTC stood tall at $30,000 before the US inflation numbers drove it south by around a grand. The weekend and the start of the week weren’t all that positive as the asset fell to $23,000 by Monday.

The situation took another turn for the worse in the next few days, and BTC found itself struggling to remain above $20,000 during most of the week, aside from one brief pump towards $23,000 after the Fed’s announcement of raising the interest rates by 75 basis points.

By Friday, BTC had somehow sustained above $20,000, but it almost felt inevitable that it will break below it sooner or later. And, as reported earlier today, that happened a few hours ago when bitcoin lost that coveted level and dropped below the 2017 ATH as well.

Its market cap is down to $360 billion, and its dominance has been reduced to just over 43%.

BTCUSD. Source: TradingView

Notable Bitcoin News

Despite all of the bearish sentiment in the crypto markets now, Adam Back is still bullish on the asset and believes it will tap $100K by the end of the year.

Mike Novogratz said BTC is not going away, but it will take quite a long time to recover from the recent slumps.

The premium on Grayscale’s Bitcoin Trust has gone deep into negative territory with an all-time low of -34%.

Alts in Pain, ETH Dipped Below $1K

As it typically happens when BTC heads south, so do the altcoins. Ethereum leads this adverse trend with a substantial daily decline that pushed it below $1,000 for the first time since January of last year. This means that the second-largest crypto has lost 50% of its value in about a week.

BNB also dipped below a round-numbered milestone of $200 after a similar daily drop. More pain is evident from Cardano, Ripple, Solana, Polkadot, Dogecoin, TRON, Siba Inu, and many others.

The crypto market cap has lost another $60 billion and is down below $850 billion as of now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Altcoin/Industry News

Following Celsius Network, Babel Finance also paused withdrawals after announcing issues with its liquidity.

One of the co-founders of 3AC confirmed the rumors that the company will look to sell some of its assets or for a bailout after getting liquidated on many of its positions.

The NFT scaling platform Immutable raised $500 million to support Web 3 and NFT projects.

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Cryptocurrency charts by TradingView.

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