Bitcoin Prices took a turn for the worst and sank to a weekly low of under $16,000 after being relatively stable for several days. Ethereum (ETH) has fallen below $1,100 for the first time in ten days, demonstrating that the alternative coins are in just as bad a shape.
Bitcoin Slips Further
After the FTX crash caused a lot of volatility the week before, bitcoin settled down and stayed around $17,000 for a few days. The asset even tried to lower that level a few times, but it didn’t work.
After the last rejection on Friday, Bitcoin Prices traded around $16,600 for two days straight. But in the last 24 hours, everything has changed because the bears are back in charge of the market.
They pushed the main cryptocurrency down, and for the first time in more than a week, it went below $16,000. At the moment, the asset is trading around that line again, but its market capitalization is dangerously close to falling below $300 billion. The only good news is that BTC’s market share has grown slightly to 38.7%, while most other coins have lost even more value.
The latest price drops come after warnings that the cryptocurrency could fall to as low as $9,500 if it goes through another bear market cycle.
Altcoins Bleet Out Too
As mentioned, other coins are worse off than bitcoin. Ethereum dropped from $1,200 to $1,100 after news that the FTX drainer, who may be a Bahamas securities regulator, moved money.
Binance Coin lost 5% of its value in 24 hours and is now below $260. Ripple, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu all fell by 9%.
Algorand, CHZ, and NEAR all plummeted more than 10%, therefore it’s no wonder that the market cap of all crypto assets has dropped below $800 billion. This equals daily outflows of $40 billion.