Crypto Markets Drop $50 Billion as Bitcoin Recovers to $23,000 (Market Watch)

After a few days of rising prices, bitcoin reversed course and fell to and below a familiar sight of $23,000.

Most altcoins are also in the red today, including ETH which tumbles below $1,700 after hitting a multi-month high north of $1,800.

BTC drops back to $23,000

After last month’s positive end, bitcoin calmed down and entered last weekend at around $23,000. The asset did not produce significant price movements in either direction over the next two days and remained around this mark.

Greater volatility, however, came at the start of the current week when bitcoin reached and broke above $24,000 to hit a multi-day high. However, this was short-lived and the bears returned to town.

They pushed the cryptocurrency south to just under $23,000 once again. Right now, however, bitcoin has regained some traction and is at that familiar level, but its market capitalization has fallen below $450 billion.

BTCUSD. Source: Trading View

Bitcoin News

Despite recovering more than 30% since the mid-June drop to $17,500, Mike Novogratz is still unsure if BTC will be able to break above $30,000 in the near term.

Amid the bitcoin and crypto bear market, Coinbase reported another quarter in the red with losses exceeding $1 billion.

Alts in red too

Alternative coins also marked local highs over the past few days, including ETH, which surged above $1,800 on hype about the upcoming merger. It was the highest price for the asset in about two months.

However, it did not continue to climb and fell below $1,700 after a daily decline of 5%.

Solana and Dogecoin fell as much as 6% in one day, while Ripple, Cardano, Shiba Inu, Polkadot and MATIC saw more modest declines.

Small and mid-cap alts are not in the best shape, with APE, FLOW, FIL and many others declining by as much as 9-10% in one day.

As such, the crypto market capitalization has lost over $50 billion in the past two days and is back below $1.1 trillion.

Presentation of the cryptocurrency market.  Source: Quantify Cryptography
Presentation of the cryptocurrency market. Source: Quantify Cryptography

Industry News

Curve Finance became the latest DeFi protocol to be mined, and the attacker managed to swipe nearly $600,000 in crypto.

A recent report claimed that the merger attracted institutional investors to ETH products, with positive inflows extending for a seventh consecutive week.

Speaking of the merger, JPMorgan analysts claimed that it was one of two massive industry events that helped the crypto stabilize in price.

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Cryptocurrency charts by TradingView.

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