Bitcoin Down In One Week
Uncertainty Is Increasing In The Crypto Market. Although Bitcoin Gained On The Day, The Price Of Ethereum Continued To Fall. As Of The Week, The Rate Of This Currency Has Decreased By About 10.5%.
The Collapse Of The Virtual Asset Market Continues. Investors Witnessed A Decline in Market Capitalization Levels On Saturday as well. The market Capitalization Level Has Decreased Mainly Due To The Continuous Decline In The Price Of Ethereum, The Second Largest Currency In The Market. Ethereum’s Upgrade Was Completed On Friday. The Currency’s Decline Seems To Have Accelerated After The Merger Took Effect. On The Other Hand, The Release Of US Inflation Data Has Increased The Pressure On This Market. The Pair Has Seen A Decline In battered market levels. Today Saturday, the Crypto Market Cap Level Was At USD 940.89 billion by 1 PM.
The Impact Of Macro Events On The Market Was Seen Last Week, Analysts Said. However, Earlier This Week, The Release Of US Inflation Data Has Increased The Pressure On The Market. As A Result, Uncertainty Has Increased in US Equity And Crypto Asset Markets. The Market Has Not Seen A Price Drop For Quite Some Time Due To The Upgrade To Ethereum Merge. However, As The Time For More Upgrades Has Come, The Price Has Fallen Along With the market. the result is uncertainty.
Today, The Market’s Largest Currency, Bitcoin, Was Seen Hovering Around The USD 16000 Level At Noon. As of 2:00 P.m. Today, Bitcoin Was Trading At $$16711.25. This Means That In The Last 24 Hours, This Currency Has Seen A Gain Of About 0.37 percent. However, The Currency Has Lost Around 10.5 Percent On A Week-to-date Basis.
In This Regard, Edul Patel, CEO and Co-founder Of Crypto Asset Management platform Mudrex, said, “Investors are Pulling Back As US inflation picks up. Naturally, the market is witnessing a bearish cycle. Bitcoin was seen trading at the $22,000 level last week. But the price The decline has seen the currency fall to the $19,000 level this week. Currently, Bitcoin’s support level is considered to be $19,500.”
On The Other Hand, The Price of Ether fell by more than 9 percent on Friday. After The Merger, The Currency Lost more on Saturday. Ethereum was seen trading at USD 1432.66 at around 2pm today. That Is, As Of The Last 24 Hours, The Rate Of This Currency Has Fallen By 2.16 percent. But As Of The Week, The Price Of This Currency Has Decreased By Around 16.52 percent. On The Other Hand, Cardano and Polkadot Posted Losses On The Day Despite Gains In Solana.
