Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

As of June 28, Bitcoin price has fluctuated slightly above the $20K mark. However, at the end of the day, it eventually dropped to $20,000. Market watch also noticed the bearish condition in the prices of most cryptocurrencies. These include DOGE, AVAX, SOL, and many more.

Judging by the June 29 data, Bitcoin price has finally fallen below the $20K level. Many popular cryptocurrencies such as Ethereum tokens, Shiba Inu and Doge are also feeling the heat of the bearish shift in the market.

Bitcoin Lost the $20,000 Price Mark

According to the news last week, Bitcoin has made several attempts to shake off the loss in value. During that time, its price increased from $17,500 to $21,000. This was a rebound from an 18-month low. It maintained that $21,000 price tag until it hit a 10-day high, just over $21,800.

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The flight to a higher price became a failure for BTC, eventually dropping below $21,000. I tried to reach this price, but all attempts were unsuccessful.

BTC’s unsuccessful attempts to rally eventually turned into a downtrend towards $20K. According to the news released on June 28, she managed to just cross the $20,000 limit.

Crypto Market Loses $60 Billion as Bitcoin Drops Below $20,000
BTC Trends Below $1 9500 Source: BTCUSD on

From today’s market watch, the price of Bitcoin has dropped below $20,000. At the time of writing, it was still hovering below that price, bringing its market capitalization to just under $400 billion.

Impact on other digital codes

The downward movement of the bitcoin price affects the rest of the digital coins. This explains the many red bars in the cryptocurrency market chart.

Over the past weekend, Ethereum attempted to rally amid the bearish state of the market. At the time, ETH was trading at $1,200. However, this is short-lived as Ethereum is currently selling at $1,116, which is a 6.5% daily drop in price.

According to altcoin price data from CoinMarketCap, BNB is now trading at $219. This represents a decrease of 7.5% over 24 hours in its price. There are other downtrend records for cryptocurrencies such as SOL, DOGE, SHIB, and XRP, to name a few.

Suggest reading | Ethereum (ETH) drops to $950 as cryptocurrency sell-off deepens

Also, despite the slight underestimation of the LEO, Tron and Cardano tokens, they remain in the red area on the chart. Therefore, based on the current state of all crypto assets from two days ago, the total dump in the total market capitalization is $60 billion.

Crypto Market Loses $60 Billion as Bitcoin Drops Below $20,000
An overview of the cryptocurrency market. source: Determining the amount of encryption

Adding this number to the total drop in market capitalization since the beginning of the downtrend equals $900 billion.

Featured image from Pexels, chart from

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