• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Crypto
Nexo Logo

Crypto Markets Lose $100 Billion As Bitcoin Drops Below $26K – More Pain Ahead?

Jet Encila by Jet Encila
2 weeks ago
in Bitcoin, Cryptocurrency news, Ethereum
Reading Time: 2 mins read
Advertisement

The broader crypto markets have been particularly shaken up in the previous 24 hours, with Bitcoin falling below the $26,000 threshold once more. Bitcoin is currently selling at $25,168.94, down 16% in the last week, according to statistics from Coingecko published on Monday.

As Bitcoin fell to its lowest level since late 2020, the entire cryptocurrency market is feeling the squeeze of recession fears, which could deter investors from placing riskier wagers.

Suggested Reading | Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

However, alternative coins are affected far as severely. Ethereum, for instance, has fallen below $1,500, down 70 percent from its all-time high of over $4,900 in November 2021. In the past 24 hours, Dogecoin, TRON, and Avalanche all witnessed double-digit losses.

The overall market capitalization of cryptocurrencies has been trading in a declining channel for the past month and is currently supported at $1.17 trillion.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
The crypto market has become increasingly tied to traditional equity markets in recent months (CNBC).

$100-B Wiped Out From Crypto Market

The cryptocurrency market lost more than $100 billion over the weekend after United States Treasury Secretary Janet Yellen offered a gloomy crypto warning.

The market valuation of Bitcoin has decreased to $520 billion. The silver lining for BTC bulls is that their control over alternative cryptocurrencies has increased to about 48 percent.

After a few brief and fruitless bids to surpass $32,000 in the last seven days, the world’s largest cryptocurrency began to progressively lose value. Bitcoin’s last rejection at this level sent its price down to $30,000, where it remained for several days.

BTC total market cap at $498 billion on the weekend chart | Source: TradingView.com

Rich Blake of the cryptocurrency startup Uphold says:

“Crypto appears to be losing the ideal opportunity to illustrate its forgotten function as a hedge against inflation.”

Inflation Jitters And Bitcoin’s Volatility

Inflation estimates for the United States, 8.6 percent, were announced late Friday. The four-decade record increased Bitcoin’s volatility, resulting in today’s plunge to the $25,000 mark.

In recent months, the crypto market has become increasingly connected with traditional equity markets. The Nasdaq, which focuses on technology, was down 3.5%, while the S&P 500 and Dow Jones Industrial Average were down more than 2.5%.

Suggested Reading | Dogecoin Mining Revenue Massively Fell In Past 12 Months

Next week’s two-day meeting of the US Federal Reserve is anticipated to result in a further increase in interest rates. This week, Yellen also cautioned against putting cryptocurrency in 401(k) plans, adding to the gloomy sentiment.

Last week, the central banks of Australia and Canada, where inflation has also intensified, raised their rates by approximately 50 basis points, while the European Central Bank announced it would cease asset purchases and begin rate hikes later this summer.

Featured image from Reynolds and Reynolds, chart from TradingView.com
Tags: bitcoinbtccryptoinflationrecession
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Jet Encila

Jet Encila

Freelance writing is Jet's other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

Related Posts

Bitcoin

Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?

1 hour ago
STORJ

Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally

10 hours ago
Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board

Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board

12 hours ago
bitcoin

Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO

21 hours ago
Solana SOL SOLUSDT

Why Solana Has Outperformed Ethereum, SOL Up 36% In One Week

22 hours ago
Bitcoin Whale

Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Will Xchange Monster (MXCH) and Decentraland (MANA) continue to push Gamefi to new heights?

June 25, 2022

Navigating The Crypto Crash Of 2022

June 25, 2022

Gnox (GNOX) Is Named One Of The Best Tokens For New Investors Making Their Way To DeFi, In Addition To Tron (TRX)

June 25, 2022

Gnox (GNOX) Sees Dramatic 63% Price Increase During Presale While Other Top Alts; Ethereum (ETH), Shiba Inu (SHIB) And Cardano (ADA) Signal Bullish Reversal

June 25, 2022

SpaceMine (MINE) Is Now Available for Trading on LBank Exchange

June 25, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.