Bitcoin Suffers in Market Dip
The bitcoin market has continued to decline.
Bitcoin temporarily fell below $20,000 on Saturday, deepening its recent losing skid of several weeks. Per the CoinGecko data, the price is down 3.9% today and 18% over the previous 14 days. Bitcoin recently fell below the important $20,000 threshold in mid-July, but August has been marked by turbulence. It is presently being sold for $19,996.
Ethereum, the second-largest cryptocurrency in the globe, also declined as Bitcoin retreated. As per data from CoinGecko, Ethereum is down 7.6% on the day, trading at approximately $1,475. Similar to Bitcoin, its market value has decreased by 24.7% during the past two weeks.
Several additional assets, such as Layer 1 networks Solana and Avalanche and DeFi mainstays Uniswap and Aave, have also suffered losses during the recession.
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After months of decline, a market bounce in July and early August fueled optimism that the cryptocurrency industry may be showing signs of life. The anticipation regarding Ethereum’s Integrate event was very strong between crypto traders, especially just after September debut date was set. Recent market behavior indicates, however, that the market has lost some of the confidence it had early this summer.
After a 6.1% decline, the size of the global cryptocurrency market is now barely over $1 trillion. This is approximately 66% below its peak of $3 trillion in November 2021.
The author of this article owned ETH, AAVE, and numerous other cryptocurrencies at the moment it was written. Additionally, they were exposed to UNI via a cryptocurrency index.
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