BTC Drops Below $30K, ETH Plummets to Lowest Prices Since March 2021 (Market Watch)

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After the US announced the lat­est record-set­ting CPI data, bit­coin dumped below $30,000 and reg­is­tered a two-week low. The alt­coins are in an even worse shape, with ETH plum­met­ing to its low­est price lev­el since March 2021.

Bitcoin Falls Down Again

This past week seemed some­what more pos­i­tive for the pri­ma­ry cryp­tocur­ren­cy as it chal­lenged $32,000 on a few occa­sions. Dur­ing one of the attempts, BTC broke above that lev­el and marked a mul­ti-week high at $32,400.

How­ev­er, the bears stepped up at every turn and didn’t allow any increas­es. Ulti­mate­ly, they brought BTC down to $30,000, where the asset spent the last two days.

At this point, the US CPI num­bers came out, indi­cat­ing a new 40-year record in terms of infla­tion – an 8.6% YOY increase. As with pre­vi­ous exam­ples, the news led to enhanced volatil­i­ty in the cryp­to mar­kets, and BTC slipped by more than $1,000 in hours.

Drop­ping below $29,000 meant a new low­est lev­el since the end of May. As of now, BTC stands just over that line. Its mar­ket cap is down to $560 bil­lion, but the dom­i­nance over the alts is up to 46.7%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Notable 24-hour Bitcoin News

Despite the tur­bu­lence and mar­ket retrace­ments, VanEck’s CEO pre­dict­ed a future price tag of $250,000 for BTC. How­ev­er, he believes this could take decades.

Max Keis­er explained his views on why the Sen Lum­mis cryp­to bill is not going to work as bit­coin is the only real commodity.

Jack Dorsey snubbed Web 3 and out­lined a new Web 5 plat­form to be built on the Bit­coin blockchain.

ETH Sees Yearly Low

Aside from LEO, which is slight­ly in the green now, the rest of the alt­coins didn’t enjoy the past 24 hours either.

Ethereum is among the most sub­stan­tial losers, with a 7% dai­ly decline. As a result, ETH dumped below $1,700 and saw its low­est price posi­tion since March 2021 at around $1,650 (on Bitstamp).

Solana, Avalanche, and MATIC have all lost sim­i­lar per­cent­ages from the low­er-cap alts. Rip­ple, Car­dano, Doge­coin, Polka­dot, TRON, and Shi­ba Inu are in the red as well.

With the low­er- and mid-cap alts also retrac­ing, it’s no won­der that the cryp­to mar­ket cap is down by $60 bil­lion in a day and is under $1.2 tril­lion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto

Altcoin News

Cryp­toPota­to report­ed yes­ter­day all read­ers need to know about Monero’s tail emission.

The attack­er behind the 20 mil­lion OP tokens returned the remain­ing 17 mil­lion after sell­ing one mil­lion and send­ing two more to Ethereum’s Vita­lik Buterin.

Mas­ter­card part­nered with sev­er­al com­pa­nies, includ­ing Immutable X and The Sand­box, to allow NFT pur­chas­es with fiat.

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

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