We woke up with the price of Bitcoin falling to levels seen on the chart two weeks ago, also when Ethereum had dropped to $2,400.Source: tradingview.com
Bitcoin was thrown to its lowest level since May 24, the asset fell to an intraday low of $32,300. What weakened bullish investor sentiment? Some are pointing to continued pressure from China on crypto mining and trading operations. Markets around the world have also traded on shaky ground, as investors look to the possibility that the US Federal Reserve could get started to get rid of its monetary easing program to increase liquidity.
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While long-term fundamentals remain intact, US monetary and macroeconomic policy would be causing some short-term jitters. Of course, there's no telling whether we've already recovered from the Covid crisis. Bitcoin's market capitalization is in danger of dropping below $600 billion. Asset market dominance is around 41%, as altcoins also dawned in the red.
Altcoins in red
Altcoins are as bad as bitcoin. Ethereum had its trajectory reversed by the bears, dropping more than $400 in a few hours. This means that the Ether price correction still extends. But as long as the 61.8% retracement level is intact, so is Ether's long-term uptrend.Source: CoinGoLive.com.brADA (-12.26%), DOGE (-12.98%), XRP (-10.91%), UNI (-14.12%), ICP (-17.47%) , BCH (-13.6%) and LTC (-13.68%) are the largest capitalized altcoins that dawn in the red. Some altcoins have survived this sea of blood. These are two of the top 100 currencies that have scored substantial gains in 24 hours. Arweave (6.89%) went to $18.76 and Theta Fuel (26.86%) to $0.58. The Theta's appreciation is due to the upcoming release of Mainnet 3.0 on June 30, which is a key protocol extension capable of taking TFUEL tokens out of circulation. In addition, network transaction fees and smart contract fees will also be burned, taking TFUEL tokens out of circulation. Theta transaction fees are still 90% to 95% lower than current Ethereum fees, making Theta more affordable for trading and building smart contracts, even as their price increases. Arweave was another altcoin which had an excellent performance. In May, it had already raised US$1.6 million in funds from investors. The Digital Renaissance Foundation and venturers D1 and SevenX supported the Arweave-based startup, as did the Arweave founding team. performance earlier this week. All media for these NFTs is permanently stored in Arweave. This, in addition to solving a major problem facing the long-term viability of NFTs, has also caused the asset to appreciate. Ultimately then, the cumulative market capitalization of all cryptocurrencies fell by $200 billion in one day, remaining at US $1.5 trillion right now.Follow our Telegram group to stay up to date with market updates.