Bitcoin (BTC), the most popular cryptocurrency and cryptoasset, dropped below USD 20,000 for the first time since December 2020, while the second-largest cryptoasset, ethereum (ETH), broke the USD 1,000 level for the first time since January 2021.
At 08:19 UTC, BTC trades at USD 19,161 and is down 10% in a day and 34% in a week, ETH trades at USD 996 and is down 11% in a day and 40% in a week. Other cryptoassets from the top 10 club are down 10%-12%.
BTC price chart:
As reported, analysts considered the USD 20,000 for BTC and USD 1,000 for ETH levels as key prices to watch.
A break below the USD 19,511 level could lead to a lot of hodlers capitulating and a wind-down of leverage and most of the open interest in BTC options is based on the USD 20,000 strike price, "which can contribute to selling pressure in the spot market should the price fall below," Vetle Lunde and Jaran Mellerud at Arcane Research said a note, per Bloomberg.
So far, liquidations in the crypto market neared USD...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...