The last couple of weeks have been all red across the cryptocurrency market, chief among the losers is bitcoin (BTC) which fell below $24 on June 13, and at the time of this report, BTC is trading below $22,000.
But as BTC, ETH, and BNB recorded further depreciation, there are 10 altcoins which have recorded some gains in the last 24 hours (at 13:00).
The top gainers are Chainlink (LINK) +14.01%; Solana (SOL) +5.71%; Cardano (ADA) +6.94; Polkadot (DOT) +7.33; Avalanche (AVAX) +7.30% while Shiba Ini (SHIB) showed +5.92 slight improvement in the last 24 hours, data on coinmarketcap showed.
Other include Polygon (MATIC) +1.46%; Litecoin (LTC) +5%; Stellar (XLM) +4.61%, and NEAR protocol (NEAR) improved by 7.47% in the last 24 hours.
NOTE: The above price isn’t stable as the volatility in the cryptocurrency market is incomparable to other assets in the market.
Bitcoin continues its downward move
The most valuable crypto, Bitcoin, continues on the ‘redline’ at the time of this report as it drops below $22K Tuesday, June 14, 2022, with a market cap of $417,951,899,580, yesterday, BTC fell below $24K.
It was predicted it’d fall further, but it isn’t the first time the most valuable digital asset would experience such a crash, but the last BTC crash is its lowest since 2020.
Bitcoin isn’t alone. Ethereum, BNB, XRP and DAI among other coins are also affected, resulting in the loss of several billions of dollars by investors.
At the time of this report, the Market Cap of the entire crypto market stood at $929,816,209,231.106. It was more than $3 trillion seven months ago when key investors including big financial institutions and stock investor disclosed that they pumped in more money to buy digital assets.
The latest crypto crash has also been compounded by sell-offs among short-term investors, prompting one of the crypto lending platforms Celsius to pause withdrawals and transfers amid “extreme market conditions,”. Its CEL digital token also plunged 50%.
World’s largest crypto exchange Binance has also paused bitcoin withdrawals on its network while withdrawal isn’t affected on other networks.
“Only a single network, the Bitcoin network, is impacted due to the stuck batch of transactions. Users can withdraw $BTC on Ethereum or BNB Chain while our team works to resolve this temporary pause,” it says in a tweet Monday.@binance
How much loss has El Salvador recorded amid the crypto crash?
Amid the crash and sell-offs, it is believed that El Salvador which becomes the first country to adopt bitcoin as a legal tender in the world must have lost more than half its investment.
Nayib Bukele, the country’s president had publicly declared several times that he used taxpayers’ money to purchase the volatile digital asset.
Sometimes in October 2021, he announced buying a dip for more than $60,300 per Bitcoin, acquiring 420 Bitcoins at the time.
On May 9, 2022, El Salvador bought another 500 BTC at an average USD price of $30,744, meaning he’s recording losses right now, according to Mashable analysis.
Another country, the Central African Republic also jumped on the crypto wagon, possibly without a clear understanding of how crypto works, by announcing that it adopted bitcoin as its second official currency, becoming the first African country to adopt digital asset as its official currency.
Will bitcoin bounce back?