After the most recent local heights, bitcoin’s direction was reversed as it fell below $23,000 for the first time in a few days.
The majority of cryptocurrencies have done the same, with Polkadot and Ethereum both falling by double digits and below $1,600.
Bitcoin Falls Under $23,000
The price of bitcoin has been rising since since the US Federal Reserve last increased interest rates and President Biden refused to acknowledge that the US had entered a recession.
At the conclusion of the previous week, it soared beyond $24,000 before rising even higher over the weekend. This culminated in a price spike above $24,500, the currency’s highest level since June 13, as a result of which.
That, however, didn’t last long, as late on Sunday and yesterday, BTC reversed course. The bulls have suffered some more losses over the last 24 hours as bitcoin fell below $23,000 for the first time since July 28. As of right now, it also trades there, and its market worth has significantly dropped below $450 billion.
Altcoins also lose value
Up until recently, Ethereum was on a roll, recording its own multi-week high above $1,700 over the weekend. But it hit a wall yesterday below that mark, and over the past 24 hours, it has lost more than 6% of its value. The biggest altcoin currently trades for less than $1,600 as a result.
Up to 5% has been lost by BNB, Ripple, Cardano, Dogecoin, Shiba Inu, and Avalanche in a single day. Solana and MATIC, both of which are down by 6%, are responsible for more losses. On the other side, Polkadot has decreased by 12% and is trading below $8.
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