{"id":51965,"date":"2022-09-01T11:23:51","date_gmt":"2022-09-01T09:23:51","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=51965"},"modified":"2022-09-01T11:23:51","modified_gmt":"2022-09-01T09:23:51","slug":"bitcoin-struggles-as-it-sinks-below-20k-crypto-market-swims-in-red","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-struggles-as-it-sinks-below-20k-crypto-market-swims-in-red\/","title":{"rendered":"Bitcoin Struggles as it Sinks Below $20k; Crypto Market Swims in Red"},"content":{"rendered":"

After Jerome Powell sparked a sell-off in risk assets, Bitcoin (BTC), lost some of its recovered grounds as the digital token declined<\/strong> below the psychological threshhold of $20K.<\/strong> Ethereum (ETH) along with major altcoins witnessed a subdued performance as majority of the crypto market traded in red.<\/strong> <\/p>\n

According to CoinMarketCap<\/a>, Bitcoin (BTC), declined 1.57 per cent<\/strong> in the last 24 hours to currently trade at $19,865<\/strong>. The world’s largest cryptocurrency shrank over 8.50 per cent<\/strong> in the last 7 days as the selling pressure continues. BTC has oscillated between $20k and $22k<\/strong> in the recent months. Inflation worries and the recent hawkish monetary policy comments dented the sentiments for the digital asset class. However, Bitcoin’s dominance rose by 0.06 per cent<\/strong> in the past 24 hours to 39.24 per cent.\u00a0<\/strong><\/p>\n

\"Bitcoin<\/p>\n

Why has Bitcoin Been Dipping?<\/h2>\n

\"Bitcoin<\/p>\n

Over the past few years, Bitcoin (BTC) has become more intertwined<\/strong> with traditional markets and investors. When the Fed’s began tightening monetory policy to tame cripping inflation, the flagship token has since collapsed with other risk assets<\/strong> like tech stocks. AvaTrade analyst, Naeem Aslam<\/strong>, believes that this mirroring with the broader market has been one of the major factors affecting Bitcoin (BTC) prices. In a statement, he noted,<\/p>\n

“This association between the Federal Reserve’s monetary policy and the price of bitcoin has become stronger in recent times, and it’s a big reason why the bitcoin price crashed from its all-time high.”<\/em><\/p>\n

Ethereum May Breach $2000 Mark<\/h2>\n

\"Bitcoin<\/p>\n

Meanwhile, Ethereum (ETH), lost more than 2.60 per cent<\/strong> valuation over the past 24 hours to trade at $1,541.<\/strong> It will be rather interesting to observe ETH prices with the much awaited Ethereum upgrade, the “Merge”<\/strong> scheduled to be rolled out next week. Edul Patel<\/strong>, CEO and Co-founder of global crypto investment platform Mudrex seemed optimistic regarding Ethereum (ETH)<\/strong> gaining a bullish momentum. Patel claimed,<\/p>\n

“As Ethereum, has been seen to be trading above the 1,500 level. ETH may likely break above the $2,000 level before the Merge.”<\/em><\/p>\n

\"Bitcoin<\/p>\n

The performance of major altcoins declined as Solana (SOL) and Avalanche (AVAX) were trading with cuts around 4 per cent<\/strong> over the last 24 hours. Cardano<\/a> decreased over 2 per cent<\/strong> in the last 24 hours to hover at $0.4436,<\/strong> at print time. The global cryptocurrency market cap was trading lower at the $970.16 billion<\/strong> mark, dropping more than 2.10 per cent<\/strong> in the last 24 hours. However, the total trading volume tanked about 12 per cent<\/strong> close to $65.33 billion.<\/strong><\/p>\n

<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

After Jerome Powell sparked a sell-off in risk assets, Bitcoin (BTC), lost some of its recovered grounds as the digital token declined below the psychological threshhold of $20K. Ethereum (ETH) along with major altcoins witnessed a subdued performance as majority of the crypto market traded in red.<\/p>\n","protected":false},"author":21,"featured_media":51976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,74,9156],"tags":[5022,4586,4602,4610,4910,4632,5536,4656,4677,4679,5416,5348],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/51965"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=51965"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/51965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/51976"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=51965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=51965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=51965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}