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End Of Bull Run? Crypto Market Bleeds As Bitcoin Price Falls Below $22k

The cryptocurrency market is bleeding since major coins and tokens like Bitcoin, Ethereum, Solana, and Dogecoin are under pressure
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End Of Bull Run? Crypto Market Bleeds As Bitcoin Price Falls Below $22k

The crypto market on Friday is extending its losses as many cryptocurrencies are in a bloodbath. After giving hopes for a major bull run, Bitcoin is once again struggling to barely stay afloat over the $21,000 level. As per data from CoinMarketCap, the global market capitalization has decreased by 5.45% over the past twenty-four hours to $1.02 Trillion as of 7:30 AM IST today.

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Crypto Market Bleeds

There was a time when the crypto market cap crossed the $3 trillion mark for the first time in November 2021 which was mainly the result of Bitcoin reaching its all-time high of $69,000. But now, the current market conditions call for caution as all the major cryptocurrencies are experiencing a huge decline.

The largest cryptocurrency in the market, Bitcoin’s price has dipped 4.3% in the past 24 hours to $21,846, with Ether, the second-largest crypto, stumbling below $1.6k. Meanwhile, other altcoins like Cardano, Dogecoin, and Solana have also scuffled in red.

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Bitcoin price drops below $22K

Bitcoin (BTC) is once again under pressure amid a wider market decline. It is largely followed news that crypto exchange giant Kraken had agreed to shut its cryptocurrency staking operations after the U.S. Securities and Exchange Commission (SEC) alleged the platform for breaking securities laws.

As previously reported by the Coingape, SEC Chair Gary Gensler said that the Kraken staking program is offered and sold as a security. Staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection.

Data from Coinglass, a crypto data platform, projected that investors had liquidated some $90 million in BTC long positions compared to around $42 million in BTC short positions over the past seven days.

Hence, if Bitcoin falls below $20k again, Investors will lose all the remaining hopes of a bullish sentiment even with the upcoming Bitcoin halving in 2024.

Also Read: Are These Tokens The Future of Crypto Gaming In 2023?

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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