Bitcoin Dropped to 9-Day Lows, ApeCoin Spikes 6% (Market Watch)

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After breaking below $20,000 yesterday, bitcoin kept nosediving and dipped to a 9-day low of just over $19,000. The altcoins seem quite stagnant on a daily scale, with ApeCoin being among the few exceptions with a 6% increase.

Bitcoin Saw Another Low

Last week went positively for the primary cryptocurrency, which spiked to nearly $22,500 to mark a three-week high. However, that leg up was short-lived, and the asset began retracing shortly after.

Once the weekend came, bitcoin had calmed in a range between $21,000 and $22,000 and spent most of it there as the trading volume was missing.

On Monday, though, BTC started to lose value rapidly and came just inches away from breaking below $20,000. While the bulls defended that price tag at first, the asset ultimately dropped below it on Tuesday.

The past 24 hours brought a bit more pain as bitcoin slipped to $19,200, which is a new 9-day low. As of now, though, it has recovered some ground and stands close to $20,000. Its market cap is back at $375 billion, while its dominance over the alts is just under 43%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Notable Bitcoin News

Glassnode’s latest weekly report suggested that bitcoin might not have formed its price bottom yet.

Numerous BTC miners based in Texas said they will pause their operations due to extreme weather conditions.

Altcoins Stall, Ape Soars

The alternative coins also went down in the past few days, but they have calmed on a daily scale.

Ethereum stood above $1,250 at a multi-week high of its own last week but lost $200 in days. As of now, the second-largest crypto trades at just over $1,050.

BNB went from over $240 to below $220 in the same timeframe, but a minor daily increase has pushed the asset to $226 as of now.

Ripple, Solana, Polkadot, Tron, Shiba Inu, and LEO are also slightly in the green today. Cardano and Dogecoin, on the other hand, have charted insignificant declines.

Most lower- and mid-cap alts are also quite calm. ApeCoin is among the few impressive gainers with a 6% daily increase. Consequently, APE trades just over $4.5.

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

Industry News

The European Central Bank released guidance, proposing a ban on crypto mining and enhanced regulations on stablecoins.

3AC’s co-founder Zhu Su broke his silence and called the recent court filing “disappointing.”

Uniswap users were targeted in a phishing attack that resulted in over $8 million in ETH stolen.


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Cryptocurrency charts by TradingView.