It’s going to be a long day for the cryptocurrency community as Bitcoin falls below $20,000 for the first time since 2020. Bitcoin’s price, as expected, cascades to the entire cryptocurrency market, as Ethereum falls below $1,000, BNB below $200, and SOL below $30.
The entire crypto market cap has fallen by 9% to $864 billion.
The crypto crash has liquidated $239 million from more than 78,000 traders according to data from Coinglass. In the past hour alone, just as this article is being written, $35 million got liquidated off the market.
Bitcoin price went from $20,400 to $19,094 within 15 minutes between 2:30 pm to 2:45 pm in the Philippines. BTC went down to as low as $18,742.50 on crypto exchange Binance around 4:15 pm in the Philippines and currently hovering around $19,000. Please check the image below:
$20,000 was previously the Bitcoin all-time high first reached on December 2017. The Bitcoin price retreated away from $20,000 in the next three years, making it a psychological resistance that was finally breached in December 2020. Bitcoin went on a massive bull run, reaching an all-time high of $69,044 on November 2021.
The cryptocurrency market has recently been embattled by large cascading crashes and troubles, beginning from the Terra (UST) – Luna situation last month. Read more about it here.
It should be remembered that Do Kwon, the founder of Terra said they bought billions of Bitcoin to make sure Terra and Luna will not crash. These bitcoins were deployed to save the Terra ecosystem to no avail, as both cryptocurrencies are now basically worthless.
Three Arrows Capital one of the largest investment funds in crypto has recently confirmed losses from the Terra Luna collapse and is now believed to be deploying assets, including unlocked tokens from prior investments to crypto startups, to pay off its debts.
Finblox, a crypto yield app that counts Three Arrows Capital as investors, has imposed a monthly withdrawal limit to manage the impact of the market in its liquidity.
Celsius has also halted withdrawals, swaps, and transfers, citing extreme market conditions.
This article is published on BitPinas: Bitcoin Price Crashes Below $20K, ETH Price Under $1K
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