Bitcoin Struggles Below $20K While Daily Volatility Rises
04 September 2022 - 2:32PM
NEWSBTC
The past two weeks took a different turn for almost all crypto
assets, especially Bitcoin. Though the crypto market prices saw
some positive moves to the north in July, most tokens could not
sustain their growth afterward. In addition, there have been other
losses in the crypto market recently, which has thrown the entire
market off balance. A record of over $50 billion left the broader
market as the cumulative market cap fell below the $1 trillion
level. It seemed like the bears were not yet through with the
downward pull. But trading over the last two days brought a little
hope to the market. Related Reading: Dogecoin Slowly Retests $0.06
As DOGE Is Seen Moving Higher Over The Next Days Several
cryptocurrencies were seen reclaiming some of their lost values.
Bitcoin surged above the $19,500 mark, dipping as it gathered over
$1,000 again. Other cryptocurrencies followed the trend as well.
The actual positive progress in the crypto market had the market
cap hitting and surpassing its coveted $1 trillion mark again.
Another Downward Trend For Bitcoin Just when it seems like the
bulls are rising strongly, a negative twist has once again erupted
in the market. The report on the market prices indicates that
volatility has been increasing over the past 24 hours. BTC price
appears to be hovering below the $20,000 region as the token
experience a slight shed-off over the past 24 hours. But the
cumulative cryptocurrency market capitalization is still stalling
over the $1 trillion mark. BTC is battling to claim the $20,000
mark as sellers and buyers are dragging supremacy. So far,
Bitcoin’s strong forces are holding down the price at the level
despite the increasing volatility in the market. Altcoins Are Not
Left Out The altcoins are not left out in the 24 hours of downtrend
prices. For example, Ethereum plummeted by 0.3% and is currently
trading above the $1,500 region during the press. Other significant
altcoins are also in the red due to the negative price swing of the
crypto market. SOL dropped but then gained; DOT lost by 0.69%, DOGE
is also trading sideways, SHIB lost, but it has recovered, , AVAX
dipped by 0.37%. There is also a reverse of the market sentiment as
the level has moved back to ‘extreme fear. Related Reading: MATIC
Climbs 6% After Robinhood Support For Polygon POS Chain The sudden
rise in price volatility has total spiked liquidations over the
past 24 hours. The value is currently about $250 million. A record
of the most considerable single liquidation involved a BTC-USDT
swap valued at $2 million and occurred on the OKEx crypto exchange.
Featured image from Pixabay, chart from TradingView.com
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