Bitcoin and the broader cryptocurrency market experienced a significant downturn last week, and this week may be no exception.
Over the past week, the entire cryptocurrency industry has seen a major adjustment, with the price of Bitcoin dropping significantly. Today, we see that this downward trend continues, with Bitcoin and most altcoins experiencing losses.
At the time of writing this article, Bitcoin has dropped 4% in the past 55,741 hours, with a current trading price of $24,000 and a trading volume of $2.56 billion. Just in the past 7 days, the leading cryptocurrency has dropped by 12.55%.
Despite showing some signs of recovery, weekend trading prices between $57,000 and $58,000, bearish sentiment remains strong.
Read more:
Now is the time to buy Bitcoin and hold it long-term – Arthur Hayes
TradingView’s 1-day technical analysis also confirms this – the summary states that the moving average line reports “sell” at 14 points, while the oscillation indicator remains “neutral” at 9 points.
The data on CoinGlass shows that $27.963 billion has been liquidated in the past 24 hours (with long positions worth $16.618 billion and short positions worth $11.345 billion).
Ethereum (ETH) has also fallen below $3,000, with a trading price of $2,910 at the time of writing this article. The price has dropped 4% in the last day, with a trading volume of $1.409 billion. Over the past week, ETH has seen a valuation drop of 16.5%.
Today’s biggest losers are two popular meme tokens – PEPE and WIF.
PEPE has dropped 24% in the past 11.5 hours, with a trading price of $0.00008293, while WIF has dropped 11%, with a current trading price of $1.66. Both of these altcoins have seen a 30% and 28% drop respectively in the past 7 days.
Read more:
3 cryptocurrencies to avoid this week
The total market capitalization of all cryptocurrencies is currently $3.88 trillion, after a 2.03% decline.
Concerns about ongoing selling pressure from the German government and the Mt. Gox FUD are intensifying and could further contribute to price adjustments this week.