Bear Market Continues: Bitcoin Drops!

Bear Market Continues: Bitcoin Drops!

Last week’s closing hours were not very positive for stock indices. closely following the decline. bitcoin It registered a similar decline, losing 7.3% over the past week and dipping below the $20,000 mark today. On the other hand, Ethereum could not write a different scenario and is considering a trade at around $1450, down 9.2% compared to last week. Other altcoins such as Cardano and Solana recorded decreases of 5% and 15.7%. As we reported, the total value of the cryptocurrency market fell 6.6% this week, reaching up to $962 billion, according to CoinMarketCap data. If the total capitalization graph is bear marketreveals that it still stands strong. The charts are currently above June and are trying to protect these levels. If there is a decline below the data recorded in June, the bear market hypothesis will be confirmed once again. In such a scenario, the total value of the cryptocurrency market may fall below the $800 billion level. The target of the market seems to be to recapture the level of 1 trillion dollars.

Bear Market Continues: Bitcoin Drops!

Cryptocurrency Fear and Greed IndexThe index fell to 24 points on Monday from 29 points a week earlier, thus returning the index to the “extreme fear” zone.

The last trading day of the past week resulted in stock indices falling sharply, revealing Bitcoin’s leading role as a risk demand indicator. Since the second half of August, we can say that Bitcoin has continued to “roll down the ladder” roughly as it did in April and May, albeit with less broad strides.

Developments in the Crypto Par Market

The Reserve Bank of India (RBI) has warned citizens not to invest in digital assets, citing the risks of a crypto market crash that could put private investors at risk of losing money. Authorities in India raided the offices of Bitcoin exchange CoinSwitch, which was accused of violating currency regulations.

Neutrino USD (USDN) on the Waves blockchain, another algorithmic stablecoin, also lost its pegged value to the US dollar.

U.S. Securities and Exchange Commission (SEC) delayed its decision on VanEck’s spot bitcoin ETF until October. The editor was originally supposed to complete its review on August 27.

After examining the trading activity of 157 crypto platforms, Forbes analysts found that 51% of Bitcoin trading volume on centralized cryptocurrency exchanges is fake and not in an economic sense.

One of the previously bankrupt crypto exchange creditors, contrary to rumors, Mt. Gox trustees said Nobuyuki Kobayashi did not continue to distribute funds. Some have cited possible payments to creditors as one of the reasons for BTC’s recent decline.

Triple-A revealed that the number of cryptocurrency users worldwide has reached 320 million, or 4.2% of the total population. The US remains the leader in cryptocurrency users with 46 million (13.74%).

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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