Bitcoin, the world’s biggest cryptocurrency by market value, fell below the $19,000 threshold during the course of the weekend. On Friday, the price of BTC reached a low of $19,414 before staging a quick recovery that sent it past $20,000 on Saturday. The increase, however, didn’t last long, and by the time the weekend was through, the leading cryptocurrency had fallen back to where it was on Friday.
According to figures presented by markets aggregator CoinMarketCap, Bitcoin’s value has decreased by 5.89% over the previous 24 hours and is now sitting at $18,829 as this article is being written.
On addition, a total of 122,387 traders were liquidated in the previous day, which resulted in $376.09 million being paid out in liquidations. On Bitmex, a single liquidation order for a total of $10 million was placed, making it the largest order of its kind. In the event that the price of Bitcoin breaches the support level at $18,293 and turns it into a resistance barrier, the optimistic view would be rendered meaningless, and the price will fall to $15,550.
The Consumer Price Index (CPI) released early in the week came in lower than expected, which caused Bitcoin, the cryptocurrency with the highest market value, to start falling from its perch above $22,000. This indicated that the Federal Reserve still had work to do in order to keep inflation under control.
Still, Bitcoin isn’t the only currency experiencing difficulties right now. The price of Ethereum, the second most valuable cryptocurrency, has dropped by 8% in the previous day to $1500. In a recent significant update known as Merge, Ether made the transition from Proof-of-Work to Proof-of-Stake.
