[ad_1]
Share this article
Ethereum also dipped below $1,500 Saturday.
Bitcoin Suffers in Market Dip
The crypto market’s selloff hasn’t let up.
Bitcoin briefly dipped below $20,000 Saturday, extending its weeks-long losing streak. According to CoinGecko data, it’s down about 3.9% today and 18% over the past 14 days. Bitcoin last dropped below the crucial $20,000 level in mid-July but has been hit by volatility in August. It’s currently trading at $19,996.
The world’s second-biggest cryptocurrency, Ethereum, also suffered as Bitcoin retraced. According to CoinGecko data, Ethereum is 7.6% down on the day, trading at about $1,475. Like Bitcoin, it’s had a rocky couple of weeks, shaving off about 24.7% of its market value.
Several other assets, including Layer 1 networks Solana and Avalanche and DeFi staples Uniswap and Aave, have also bled in the downturn.
A rally across the market throughout July and early August sparked hopes that the crypto market could be showing signs of life after a months-long slump. Anticipation surrounding Ethereum’s Merge event was a particularly potent narrative among crypto traders, particularly after its September launch date was scheduled. However, recent activity suggests that the market has lost some of the confidence it found earlier in the summer.
The global cryptocurrency market capitalization is currently just over $1 trillion after taking a 6.1% hit. That’s about 66% short of its $3 trillion peak in November 2021.
Disclosure: At the time of writing, the author of this piece owned ETH, AAVE, and several other cryptocurrencies. They also had exposure to UNI in a cryptocurrency index.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
[ad_2]
Source link
