Crypto Markets Lose $50B in 2 Days as Bitcoin Slides Below $23K (Market Watch)

Following the recent local peaks, bitcoin reversed its trajectory and dipped below $23,000 for the first time in several days.

Most altcoins have followed suit, with Ethereum dropping beneath $1,600 and Polkadot dumping by double-digits.

Bitcoin Dips Below $23K

Ever since the US Federal Reserve last hiked the interest rates and President Biden refuted to admit that the country has entered into a recession, the price of bitcoin was riding high.

It jumped above $24,000 at the end of last week and spiked even further during the weekend. This culminated in a price surge above $24,500, which became the cryptocurrency’s highest level since June 13.

However, that didn’t last long and BTC retraced late on Sunday and yesterday. The past 24 hours brought some more pain for the bulls as bitcoin slipped below $23,000 for the first time since July 28. It currently trades there as well and its market cap has declined way below $450 billion.

Bitcoin News

Despite the current market downturn, Morgan Creek’s Mark Yusko believes the next massive bull run will come in two years.

Craig Wright – the self-proclaimed Satoshi Nakamoto – was awarded a whopping amount of 1 GBP for the defamation lawsuit against Peter McCormack.

Altcoins Bleed Out Too

Ethereum was on a roll until recently, charting a multi-week high of its own above $1,700 during the weekend. However, it stalled yesterday below that level and has lost over 6% in the past 24 hours. As a result, the largest altcoin now trades beneath $1,600.

BNB, Ripple, Cardano, Dogecoin, Shiba Inu, and Avalanche have declined by up to 5% in a day. More losses come from Solana and MATIC, both of which are down by 6%. Polkadot, on the other hand, has dumped by 12% and sits below $8.

With many other lower- and mid-caps in the red, the crypto market cap is down by $50 billion since Sunday to $1.050 trillion.

Industry News

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The SEC charged 11 individuals for participating in a crypto pyramid scheme called Forsage.

Ethereum inflation levels have skyrocketed lately as the EIP-1559 doesn’t seem to be working as intended during the bear market.