Following a few days of sideways trading, bitcoin dropped by several hundred dollars to a weekly low of just over $23,000.
Most altcoins are also in the red today. Some of the most notable losers on the day include Solana, Shiba Inu, and Avalanche.
Bitcoin Marks New Weekly Low
After last week’s drop to $22,000, bitcoin went on the offensive and added a few thousand dollars. This culminated in a surge to over $25,200 during the weekend, which became the asset’s highest price tag in over two months.
However, it failed to continue climbing or even remain there. In the following hours, BTC nosedived by over $1,000 to around $24,000.
It stood there for a while and even initiated another leg up, but it was halted at $24,400. The bears resumed control over the market and pushed BTC south once again.
Another $1,000 drop followed, and bitcoin charted a weekly low of $23,200 (on Bitstamp). As of now, it stands a few hundred dollars north of that level, but its market cap has slipped to $450 billion.
Bitcoin News
Aussie asset manager Monochrome received the green light to launch a Bitcoin ETF in the country.
New York Judge allowed Celsius to sell the bitcoin it mines while the crypto lender struggles with liquidity.
BTC miner Stronghold will return over 26,000 mining rigs to NYDIG to clear a substantial $67 million debt.
Alts See Red
The altcoins charted gains during the weekend as well but started the working week sluggishly and are in the red now.
Ethereum tapped a multi-month high of its own at over $2,050. It was stopped there and has lost $200 since then. As a result, ETH now struggles at $1,850 after another minor daily decline.
Similar price decreases come from Binance Coin, Ripple, Cardano, Dogecoin, Polkadot, and MATIC.
However, more losses are evident from Solana, Shiba Inu, and Avalanche from the larger-cap alts. All of them are down by up to 6% in a day.
With most lower- and mid-cap altcoins in a similar position, the crypto market cap has seen $50 billion gone in a day. The metric is down to just over $1.1 trillion.
Industry News
With the war between Ethereum PoS and PoW supporters going on, Aave wants to propose exclusive support for the PoS version once the Merge is complete.
Arthur Hayes believes the aforementioned Merge will have a profound effect on ETH’s price, comparing it to the Bitcoin halving.
After laying off 20% of the workforce, the CEO of Genesis left the company.
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Source: https://cryptopotato.com/crypto-markets-lost-50b-as-bitcoin-drops-to-weekly-lows-market-watch/