Bitcoin Slips to $20K, Shiba Inu Soars 12% (Market Watch)

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After a few days of recov­er­ing some of the recent loss­es, bit­coin has reversed its tra­jec­to­ry and has dropped to around $20,000. Most of the alt­coins are in the red as well today, aside from Shi­ba Inu and LEO, both of which have chart­ed impres­sive gains.

Bitcoin Down to $20K

Fol­low­ing last week’s mas­sacre that cul­mi­nat­ed in a new 18-month low at $17,500 on Sun­day morn­ing, the cryp­tocur­ren­cy start­ed to recov­er some gains.

It bounced off that line rather quick­ly and chal­lenged $20,000 less than a day lat­er. It ulti­mate­ly broke above that cov­et­ed line and kept climb­ing. As a result, BTC found itself eye­ing $22,000 yesterday.

How­ev­er, it failed at that point and began los­ing val­ue grad­u­al­ly, result­ing in a dip to $20,000. As of now, the asset has man­aged to sus­tain above that lev­el and trades just over it.

Its mar­ket cap­i­tal­iza­tion, though, has declined to well below $400 bil­lion and its dom­i­nance is down to 43.3%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Notable Bitcoin News

Bit­farms, one of the largest cryp­to min­ers, had to sell 3,000 BTC and adjust its HODL strat­e­gy amid the ongo­ing mar­ket crash.

Gareth Soloway, who pre­dict­ed BTC’s rise and drop last year, said the asset is not out of the woods yet and could even drop to $10,000 in the next sev­er­al weeks.

With bit­coin los­ing almost 50% of its val­ue in just over a week, the num­ber of “bit­coin dead” Google search­es sky­rock­et­ed to year­ly highs.

SHIB Leads the Way

Most of the alt­coins have fol­lowed BTC south in the past 24 hours. Ethereum is once again among the most sub­stan­tial losers after a 7% dai­ly decline. Con­se­quent­ly, ETH is back below $1,100.

Car­dano, Solana, and Polka­dot have declined by sim­i­lar per­cent­ages. As a result, ADA is way beneath $0.5, SOL is at $34, and DOT is at $7.5.

In con­trast, Shi­ba Inu and LEO have soared on a 24-hour scale. SHIB has jumped by almost 12% in a day and cur­rent­ly sits at $0.000009. LEO, on the oth­er hand, is close to $6 after a 7% increase.

The cryp­to mar­ket cap has lost around $30 bil­lion in a day and has dropped below $900 billion.

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

Altcoin/Industry News

Teth­er said it will launch its fifth fiat-cur­ren­cy-pegged sta­ble­coin in July, this time backed by the British Pound.

Despite con­firm­ing that he still owns bit­coin, Elon Musk assert­ed that he had not urged peo­ple to invest in cryp­to in the past.

The team behind the Bored Ape Yacht Club said they had part­nered with Rolling Stone (again) to launch a spe­cial edi­tion dig­i­tal collection.

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Cryp­tocur­ren­cy charts by TradingView. 

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