CRYPTO NEWS

Bitcoin Price Crashes Below $20K, ETH Price Under $1K

It’s going to be a long day for the cryptocurrency community as Bitcoin falls below $20,000 for the first time since 2020. Bitcoin’s price, as expected, cascades to the entire cryptocurrency market, as Ethereum falls below $1,000, BNB below $200, and SOL below $30.

The entire crypto market cap has fallen by 9% to $864 billion.

The crypto crash has liquidated $239 million from more than 78,000 traders according to data from Coinglass. In the past hour alone, just as this article is being written, $35 million got liquidated off the market.

Source: CoinGlass

Bitcoin price went from $20,400 to $19,094 within 15 minutes between 2:30 pm to 2:45 pm in the Philippines. BTC went down to as low as $18,742.50 on crypto exchange Binance around 4:15 pm in the Philippines and currently hovering around $19,000. Please check the image below:

Bitcoin price went from $20,400 to $19,094 within 15 minutes between 2:30 pm to 2:45 pm in the Philippines.

$20,000 was previously the Bitcoin all-time high first reached on December 2017. The Bitcoin price retreated away from $20,000 in the next three years, making it a psychological resistance that was finally breached in December 2020. Bitcoin went on a massive bull run, reaching an all-time high of $69,044 on November 2021.

The cryptocurrency market has recently been embattled by large cascading crashes and troubles, beginning from the Terra (UST) – Luna situation last month. Read more about it here.

It should be remembered that Do Kwon, the founder of Terra said they bought billions of Bitcoin to make sure Terra and Luna will not crash. These bitcoins were deployed to save the Terra ecosystem to no avail, as both cryptocurrencies are now basically worthless.

Three Arrows Capital one of the largest investment funds in crypto has recently confirmed losses from the Terra Luna collapse and is now believed to be deploying assets, including unlocked tokens from prior investments to crypto startups, to pay off its debts.

Finblox, a crypto yield app that counts Three Arrows Capital as investors, has imposed a monthly withdrawal limit to manage the impact of the market in its liquidity.

Celsius has also halted withdrawals, swaps, and transfers, citing extreme market conditions.

This article is published on BitPinas: Bitcoin Price Crashes Below $20K, ETH Price Under $1K

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

The post Bitcoin Price Crashes Below $20K, ETH Price Under $1K appeared first on BitPinas.

Polkadot’s DOT bearish weakness to accelerate if $6.5 level fails to hold

Polkadot is regarded as the blockchain of blockchains. Native token DOT has been bearish slightly above the $6.5 support. If DOT breaks below $6.5, the price could fall further to $4. Polkadot’s native token DOT/USD is trading at 6.73. The price is close to or at a support of $6.5, the lowest since January 2021.::Listen

  • Polkadot is regarded as the blockchain of blockchains.

  • Native token DOT has been bearish slightly above the $6.5 support.

  • If DOT breaks below $6.5, the price could fall further to $4.

Polkadot’s native token DOT/USD is trading at 6.73. The price is close to or at a support of $6.5, the lowest since January 2021. Although the price recovered to a high of $8.45 in recent weeks, it has since lacked a bullish impetus. Investors should watch $6.5 as it could be a turning point for DOT or start a further decline.

Polkadot is described as a “blockchain of blockchains.” It connects blockchains that would otherwise be incompatible with each other. It unlocks value by allowing data transfers across blockchains. In line with the goal, Polkadot launched a cross-chain messaging system in May. The system allows native transfers of tokens across parachains. Polkadot’s native token DOT allows staking and governance on the protocol. It is also available for trading in other exchanges.

Just like other cryptocurrencies, DOT has been highly volatile. It once traded at a high of $56 in November last year, at the height of the crypto boom. The recent crypto weakness means that DOT is yet to stage a lasting comeback.

 DOT risks another low if $6.5 support fails to hold

Source – TradingView

The MACD line closed below the moving average, signaling a bearish move for DOT. A RSI shows oversold conditions, but the price is yet to hit the support. More weakness in the price is expected as bearish sentiment prevails. A bullish reversal could occur at $6.5. Failure to reverse at the support would open DOT to further decline to a support around $4.

Summary

DOT/USD is bearish approaching a key support of $6.5. If the price fails to rebound at the support, the crypto token could proceed to $4. Investors should watch $6.5 for price action. Still, there is no indication the price will go higher at the support. Buyers should be prepared for further downside.

The post Polkadot’s DOT bearish weakness to accelerate if $6.5 level fails to hold appeared first on CoinJournal.

Bitcoin Price Crashes Below $20K, ETH Price Under $1K

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