Bitcoin Trades Below $20,000 in Fresh Selloffs

Bitcoin Trades Below $20,000 in Fresh Selloffs

Following a week long losing streak, Bitcoin trades below $20,000 Saturday after breaking out from the same level in mid-July due to fresh cryptocurrency selloffs. The fresh selloffs drag the entire market downward below $970 billion.

Bitcoin (BTCUSD), the world’s biggest and best-known cryptocurrency, was last down 1.5% at $19,950 on Saturday. The world’s second-biggest cryptocurrency, Ethereum, also suffered as Bitcoin retraced. Ethereum asset had a rocky couple of weeks, shaving off about 24.7% of its market value.

A slew of cryptocurrency analysts thinks the trading temperature in the market is still weak, though the fallback appears so sudden to the market which had earlier shown signs of new rallies.

Other assets, including Layer 1 networks Solana and Avalanche and DeFi staples Uniswap and Aave, have also bled in the downturn. A recent rally across the market throughout July and early August sparked hopes that the cryptocurrency market could show signs of recovery after months long slump.

Today, ETHUSD, the coin linked to the Ethereum blockchain network, dipped 2.76 % to $1,467.2, losing $41.60 from its previous close.

“Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment,” Edward Moya, senior market analyst at OANDA, said on Saturday.

“European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night,” he added. READ: Selloffs in Banking Stocks Drag Nigerian Exchange Lower

The global cryptocurrency market capitalization is below $1 trillion, an unimpressive position resulting from retail investors’ mass exits and a slowdown in corporate purchases amidst global economic uncertainties.

The current market valuation translates to about 70% short of its $3 trillion crypto market peak in November 2021, based on data from the crypto exchange. # Bitcoin Trades Below $20,000 in Fresh Selloffs