The bears are back in town as bitcoin dumped to a weekly low beneath $20,000. The altcoins suffer as well, with UNI leading the race.
The adverse price developments continued in the past 24 hours, and bitcoin slipped to its lowest position in a week, below $20,000. The altcoins are in no better shape, with ETH dumping by 7% and UNI by 8% following the recent phishing attack.
Bitcoin Sees Weekly Low
It was just several days ago when the primary cryptocurrency was riding high and painted a multi-week peak of $22,400 (on Bitstamp). As the community was preparing for another leg up, though, the situation changed, and BTC started to lose value gradually.
It calmed over the weekend and spent most of it trading sideways around $21,500. However, as Sunday was approaching its end, it started dumping again and fell towards $20,000 yesterday.
The bulls defended that coveted level at first, but it gave in hours ago. As such, bitcoin slumped below it and dropped all the way down to $19,500, which became its lowest price point since July 5.
As of now, the asset stands a few hundred dollars above that level, but its market cap is down to $375 billion.
BTCUSD. Source: TradingView
Notable Bitcoin News
The latest price slump comes as the majority of Wall Street investors predicted a further drop to $10,000 before an eventual spike towards $30,000.
CoinShares’ CSO said the crypto winter is nowhere near close to its end as there’re no signs of trend reversal yet.
Altcoins Deep in Red Again
The altcoins have followed BTC on its way south, and Ethereum leads the adverse trend. The second-largest crypto is down by more than 7% in the past 24 hours and is close to $1,050. Similar to bitcoin, ETH was also at a multi-week high above $1,250 days ago.
More notable price drops come from Cardano, Solana, Dogecoin, Polkadot, and Shiba Inu from the larger-cap alts. While more modest, BNB, Ripple, Tron, and LEO are also in the red on a daily scale.
Uniswap is among the worst performers following the recent phishing attack against its protocol. UNI is down by 8% and trades just over $5.5.
The crypto market cap has declined by another $40 billion in a day and is well below $900 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Industry News
The CEO of KuCoin denied the recent rumors that his company has to lay off staff members similar to Coinbase, CryptoCom, Bybit, and other exchanges.
Voyager Digital warned clients that not all of them can receive all of the crypto they have on its platform.
A recent court filing asserted that Su Zhu and Kyle Davis are not cooperating during the 3AC’s liquidation process.
The recent crypto market crash prompted the Financial Stability Board to propose a global regulatory framework.
