The global crypto market has once again started to shake as Bitcoin slipped below the crucial $22,000 mark. There is a clear sign of losses. Last week, the crypto market had been able to recover from the previous bearishness and showed positive metrics. Analysts believed the gains will continue but it isn’t.
Bitcoin is presently trading at $21,928, down by 3.57% in the last 24 hours. Ethereum lost 4.64% in the last 24 hours and is changing hands at $1,526. As observed in data from CoinMarketCap, the new bearish wave has brought the market back to losses. It’s affecting investors as well. However, the funding rate for Bitcoin has remained positive. The relatively high positive rate, as per on-chain data, might result in a decline in its value. Analysts say the popular cryptocurrency needs to stay steady to keep its dominance unaffected. It should be noted that BTC couldn’t retain its gains. As such, its weekly performance has been affected. In the last seven days, Bitcoin gained 0.60%, while Ethereum gained 6.52%.
The broader crypto market made losses in the last 24 hours. Avalanche is the biggest loser. Its down by 7.21%, Solana lost 6.39%, XRP 4.79% and Cardano 4.32%. The meme coins Dogecoin and Shiba Inu also recorded down turn of 5.26% and 3.93%, respectively.
Meanwhile, market observers saw Bitcoin’s recent tenacity above $22,000 positively, despite high consumer price index this month slowing economic indicators and poor earnings. Joe DiPasquale, the CEO of BitBull Capital, said BTC increasingly responded to the wider environment, including stock prices. The popular crypto asset recorded some positive price action following its resilience.
The interest rate decision by the US Federal Open Markets Committee is to be looked out for on Wednesday. It will have a drastic impact on the cryptocurrency market.