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Crypto Markets Lost $50B in 2 Days as BTC Slumped Towards $20K (Market Watch)

Jordan Lyanchev - Coingape
2022-07-11 08:56
Following the relatively calm weekend, bitcoin started to lose value gradually and dipped towards $20,000. Most altcoins are also in the red today, with the most notable drops coming from Solana, Avalanche, LEO, Matic, and Litecoin.

Bitcoin Fell Towards $20K

The working week went rather well for the primary cryptocurrency, which overcame last weekend’s stalemate and spiked to and beyond $20,000. Moreover, the asset jumped to a three-week high of around $22,500 on Thursday.
However, that was short-lived as BTC started retracing soon after. It fell by over $1,000 almost immediately, tried to bounce off, but was halted in its tracks. As such, it spent most of the weekend trading sideways in a range between $21,000 and $22,000.
As Sunday was coming to its end, though, the cryptocurrency began losing value and dropped below $21,000. Its nosedive continued, and bitcoin fell to a four-day low of just over $20,300.
As of now, it has sustained above $20,000, but it’s 4% down on the day, and its market capitalization has declined below $400 billion.

Altcoins in Red

The alternative coins were also untypically calm during the weekend, but most have turned red now.
Ethereum charted a multi-week high of its own at just under $1,300 several days ago. However, it started losing value shortly after and now struggles at $1,150.
BNB, Ripple, Cardano, Dogecoin, Polkadot, Shiba Inu, and Tron have declined by similar percentages in the past 24 hours. More notable losses come from Solana, Avalanche, LEO, MATIC, and Litecoin. All of them are down by between 5-6%.
The situation with the lower- and mid-cap alts is grim as well. STEPN leads the adverse trend with a 12% daily retracement, followed by THORChain (-10%), Quant (-9%), Elrond (-9%), Enjin Coin (-8%), Celo (-8%), and others.
Ultimately, the cumulative market cap of all crypto assets has declined by $50 billion in the past two days and sits at just over $900 billion.
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