Bitcoin has registered its lowest weekly close shortly after GBTC saw the most substantial unlocking of shares worth roughly $500 million.

Bitcoin’s struggles around $31,000 continue as the asset even registered its lowest weekly close of the year. Most alternative coins have also bled out in the past 24 hours, with ETH dipping below $1,900 again and BNB suffering at $300.

Bitcoin Sees Lowest Weekly Close

Ever since last week’s unsuccessful attempts to overcome $33,000, bitcoin has experienced significant hurdles with its price movements. As reported a few days ago, it even dropped to its lowest price point in more than three weeks at around $31,000.

While the previous similar dumps were quickly met by the bulls, and they recovered most losses immediately, this time, the situation was quite different.

BTC reached an intraday high of $32,400, but it was short-lived and quickly headed south again. As a result, another drop to around $31,000 transpired, and the asset actually closed at its lowest position of 2021 at approximately $31,500.

This came just hours after the largest unlocking of GBTC shares of over 16,000 bitcoins.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView. Source: TradingView

Altcoins Struggle; ETH Below $1.9K Again

The alternative coins have mimicked their leader’s performance in the past 24 hours as well. After the brief recovery sessions yesterday, Ethereum has lost another 4% of value and currently sits beneath $1,900.

Binance Coin, despite the most recent quarterly burn of $400 million worth of it, has also lost some value and struggles at just shy of $300.

Ripple and Uniswap have dropped by around 1% on a 24-hour scale, while Cardano (-1.6%), Dogecoin (-4.5%), Polkadot (-2%), Bitcoin Cash (-1.5%), Litecoin (-2%), Solana (-4.5%), and Chainlink (-2%) are deeper in red.

Interestingly, DOGE’s retracement comes shortly after its most prominent supporter – Elon Musk – changed his Twitter profile to include its logo.

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

Axie Infinity has lost the most from the top 100 coins with a 15% dump to $16.5. SushiSwap (-12%), Stacks (-11%), Flow (-10%), Ravencoin (-10%), Telcoin (-10%), and THORChain (-9%) follow.

The cumulative market capitalization of all cryptocurrency assets is down by about $50 billion in a day and is beneath $1.3 trillion once more.

Source: cryptopotato.com

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