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BTC Slipped 10% To Hit $20,000 While ETH Gets Down 15%

BTC slipped 10% to hit a $20,000 while ETH gets down by 15% and the market slide continues so let’s read more today in our latest Bitcoin news today.

The crypto market downturn continues as BTC slipped 10% to a new low of $20,000 and ETH recording a new 52-week low. The leading cryptocurrency by market cap slipped to a new 52-week low of $20,184 as per the data from CoinGecko. The top cryptocurrency lost a third of its value over the past week amid the rising inflation rates and the anticipated rate hike from the US FED.

The market cap of BTC tumbled from $1.27 trillion to under $386 billion today and ETH as the second biggest cryptocurrency decreased by 15% and it is now trading at $1029. With a current market cap of $128.79 billion, ETH lost about 80% of its value since its ATH of $4891 which was recorded in November 2021. The main reasons behind today’s bearish actions are the upcoming federal rate hike to control the inflation which increased the crypto fund outflow and reduced the DEFI activity.

heatmap
Source: Quantify Crypto

With inflation rates peaking at 8.6% in the US, the FED is expected to make an announcement about a possible rate hike later today. A total of $102 million was pulled out of the digital assets which indicates investor concerns about the uncertainties in the digital asset investments. The TVL across all blockchains like Ethereum, BNB Chain, Tron, Avalanche, and SOL dropped by over 8% in the past day. DeFi lending protocols Lido, Aave, and Compound all lost at least 30% of their TVL in the past week after the concerns of liquidity rival DeFi lending protocol Celsius.

As recently reported, Bitcoin came within $1000 of its previous ATH on June 14 as the Bitcoin deadly candles liquidate $1.2 billion across markets. The data from Tradingview shows that BTC/USD pair is hitting $20,816 on Bitstamp as its lowest since the week of December 14, 2020. The sell-off started before the weekend and only enhanced after June 13 Wall Street opening bell with BTC and other altcoins falling in step with the US Equities. The S&P 500 finished the day down y 3.9% while the Nasdaq shed 4.7% before the key comments from the US Federal reserves on the anti-inflation policy. The worst of the route was reserved for crypto and with it, the BTC pair lost 22% from the start of the week.

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