Bitcoin Breached $19,000 As Ethereum Slides Below $1000

Bitcoin breached $19,000 as Ethereum slides below the $1000 price point and the entire crypto market starting the weekend with new lows as well so let’s read more today in our latest cryptocurrency news.

As of early Saturday, Ethereum slipped below the key support of $1000 and Bitcoin breached $19,000 which represents a huge new low in the bearish market. Ethereum dropped from $1076 to $986 in less than two hours. Bitcoin is down by 10% on the day and continues sliding below the $20,000 price point. The last time BTC was at this level was December 2020 and back then it hit $19,450 which was called a surge due to the proposed US Regulations of the stablecoins.

Here we go …

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Looking at onchain data for $wBTC and $ETH, the liquidations have mostly happened. Data visualization from @parsec_finance

— Arthur Hayes (@CryptoHayes) June 14, 2022

The new lows in the top two blue-chip cryptos dropped below the symbolic barriers of $20,000 for BTC and $1000 for Etheruem. Still, breaching these levels could trigger a wave of forced liqudations that can drive the prices down further. Today, BTC dropped below its December 207 high of $19,834 which was a peak of the last bull run that started when Bitcoin broke the $1000 on New Year’s Day. BTC never dropped below this threshold in prior bear markets. Ethereum initially saw $1000 in 2018 and was able to stay above this line.

Investors and analysts continue scanning for a bottom and Swan BTC Analyst Sam Callahan said that BTC could drop to as low as $13,800 which represents a drop of 80% from the ATH. The same thing happened back in 2018 when BTC dipped to $3000. the total market cap of all cryptocurrencies stands at $835 billion or down by 7% in the past day. This is a far cry from 221 days ago when the headlines declared a total market cap of $3 trillion. The price of BTC was $66,362 and ETH hit $4782.

Yesterday, the crypto markets stage mini rally following the announcement of the 75 basis point hike by the US FED. With the inflation in the US soaring past 8.6% the FED made the most aggressive rate hike in 28 years. BTC as the largest cryptocurrency by market cap increased 5.7% in the past day and it is now hovering near the $21,400 according to the data from CoinmarketCap. Ethereum as the second biggest cryptocurrency gained 10.9% in the past day and it is now changing hands for $1140. The crypto market cap increased by 6% to $921 billion in the past day according to the data from CoinMarketCap.