The Crypto Market is Cheaper Than a Trillion Again

Bitcoin Gets Closer to February Lows

With a 1.1% decline over the previous 24 hours, the total market capitalization of cryptocurrencies is once again below $1 trillion. We observe that sellers dominate the market in times of low liquidity, such as the early hours of the Asian session today.

In a swift move to $21.7K, Bitcoin lost $300, closing in on the February lows and the critical signal level of $21.5K. The current situation would shift from being a "typical correction" to being a "methodical sell-off" if this level were to be broken.

In that scenario, the road to $18,000 for bitcoin is open, and the market cap of all cryptocurrencies could revert to $820 billion because the rally from the start of the year would appear to be a blip in a bear market rather than the beginning of a sustained uptrend. Up until the end of last week, many people, including ourselves, believed the latter scenario to be the most likely.

Bitcoin News

CEO of One River Digital Asset Management Eric Pearce thinks that bitcoin has a chance to recover from its recent decline in value. He claims that quickening institutional adoption of crypto assets will be essential to the rally.

A recent Paxos survey found that despite the failure of numerous significant cryptocurrency companies, 89% of US investors still trust centralized exchanges with their money. In the US, 75% of people are still curious about cryptocurrencies.

The largest US bank JPMorgan is terminating its banking relationship with the cryptocurrency exchange Gemini, which was run by Cameron and Tyler Winklevoss.

PeckShield claims that the US government seized 48,998 Bitcoins from the Silk Road darknet market, totaling about $1.08 billion. The remaining 9,825 BTC went to two new wallets, with the rest going to Coinbase.

The court's decision allows Binance's US subsidiary to purchase the assets of the defunct cryptocurrency lender Voyager Digital.