The bears may be able to bring Bitcoin below the $20,000 mark soon.
The markets are in upheaval, with major cryptocurrencies dropping during the last week, and no one knows what will be the ultimate halt or when it will arrive. Coinmarketcap has provided you with the most recent information.
While Bitcoin is clinging to the $20,000 barrier by a thread, other major cryptocurrencies have tumbled in the previous week, including Ethereum, Dogecoin, and Cardano, which, despite a recent 8% increase, are still down 25-30% from last week.
The total market capitalization of cryptocurrencies has dropped by $369 billion in the last week, from $1.247 trillion on June 8 to $878 billion on June 15. This is a drop of 29.6 percent in just one week. $80 billion has been lost in the last 24 hours.
Bitcoin’s current price is $20,609.37, representing a 10.27 percent drop in the last 24 hours, a 33.39 percent drop in the previous seven days, and a 60 percent drop in the last months. Several significant institutions may liquidate their investments if the Bitcoin falls below $20,000.
The market position in crypto appears bleak, despite many believing that if Bitcoin falls below $20K, it will right itself and rise again. However, it is too early to predict how the scenario will play out.