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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Double-Digits Losses Are The Order Of The Day As Bitcoin Declines To $20,000

Best Owie
Best Owie
1 year ago
3 mins read
bitcoin losses

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The crypto market crash has sent Bitcoin spiraling to $20,000. The pioneer cryptocurrency has in turn taken the market down with it, triggering massive losses. All digital assets in the market have not been left out of the onslaught. Regardless of their market cap, cryptocurrencies have all recorded massive losses that have translated to double-digit losses across all indexes.

Not A Respecter Of Market Caps

All of the indexes have been hit hard by the crypto market crash. Even the bitcoin index that had been putting up the most fight has succumbed to it. The market-wide collapse has seen the total market cap drop below $1 trillion for the first time in less than a year. Almost all cryptocurrencies have been following the same downtrend, one that is created by the market leader, Bitcoin.

Nevertheless, bitcoin has continued to put up a good fight. This has seen the digital asset return once more as the best performer, with a -29% loss so far in the month of June. But this ‘safe haven’ that investors have been running to for cover is barely holding above the losses posted by the other indexes.

Related Reading | Shiba Inu (SHIB) Profitability Plunges To Hell As Bloodbath Continues

True to form, the Large Cap Index has mostly followed the performance of Bitcoin. Through bear markets, they have been better performers compared to their smaller counterparts and this holds true as the Large Cap Index has seen a -32% loss.

The Mid Cap Index followed the Large Cap Index very closely, with losses matching up at -32%. Once again, the Small Cap Index leads the pack in terms of losses with -33% in losses so far in the first half of the month.

bitcoin index

Indexes suffer massive losses | Source: Arcane Research

Crypto Market Struggles

The struggles of the crypto market are not just beginning. It started back towards the end of 2021 when the momentum from the bull rallies had eventually peaked. However, there have been other events that have triggered more decline in the market.

Related Reading | More Than 253,000 Traders Liquidated As Crypto Bloodbath Continues

The Terra collapse had kickstarted the bear run in full bloom. This was further propelled by the Celsius insolvency rumors after the lending platform had frozen withdrawals. Since the December 4th crash, more than $2 trillion has been wiped off the crypto market cap.

Bitcoin price chart from TradingView.com

BTC trending at $21,000 | Source: BTCUSD on TradingView.com

All of the losses that are being incurred by the digital assets, whose correlations with bitcoin continue to rise, are supposedly being eaten up by the stablecoins as their market caps have grown. Their market share has since increased by more than 5% since the crash began.

Investor sentiment is now sitting at its lowest in the last three years. With the Fear & Greed Index reading in extreme fear with a score of 7, it suggests that investors are not looking to put any money into the market.

Featured image from Euronews, charts from Arcane Research and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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