Amid the uncertain scenario, high trading volume on exchanges, and the drop among the most prominent altcoins experienced on June 18, Bitcoin broke the $20,000 barrier and is still going down.
The event that many were afraid of and others expected is now here since, amid the crypto market turmoil, Bitcoin crushed the support of USD 20,000 and fell this June 18, even approaching a sum near USD 19,000 per unit, being this Saturday its worst performance day.
Bitcoin Crumbles Below USD 20,000 this June 18
This news is striking since Bitcoin (BTC), the most relevant asset of the crypto environment, fell below USD 20,000 this June 18. Trading at USD 19,210 with losses registered at more than 7.3% in just one day.
As reflected in the information revealed by CoinMarketCap, the price of Bitcoin breaks the USD 20,000 barrier shortly before 3:00 a.m. (New York time), a time that runs parallel with the opening of the European markets and where the crash in the price of the digital asset takes effects. In just two hours, it goes from USD 20,415 to USD 19,022 per unit, the latter being its lowest price.
Regarding the volume of commercial activities, this activity increased by 3% compared to yesterday. At least USD 33,095 million got traded through the most prominent exchanges, with Binance becoming the network that moves the most significant amount of funds.
Ethereum Crumbled Down to a Figure Registered at $1,000
Another token that also reached worrying support was Ethereum (ETH), the second cryptocurrency with the most prominent market capitalization, which is trading at about USD 1,000 per unit at this time, experiencing a 7.3% drop in its price compared to yesterday.
The market data presents that the fall also happened in the same space in which the price of Bitcoin got harmed, since the Ethereum price crashed shortly before 3:00 a.m., going from about USD 1,076 to USD 987 in just two hours, the latter being the lowest position for its cost throughout the day.
BTC and ETH Break Critical Positions
According to various experts, the barriers for Bitcoin and Ethereum represented critical support for their cost, so the expectation of a possible rally remained a hope before both digital assets crushed said resistances.
This situation generates more fear and uncertainty among crypto market investors, especially those with less experience. These investors are the ones who register the most significant losses and are possibly more encouraged to sell their holdings to diminish loss margins.
On the other hand, some still defend that investing in these digital asset means thinking about the future, so they understand that this type of market decadence can happen regularly and hope for a possible rebound once conditions reach a more balanced status.
In that sense, there are greater hopes regarding a Bitcoin ETF for the US market since there is much criticism against the Securities and Exchange Commission (SEC) for the negative it has maintained towards this type of item in the financial markets.
By: Jenson Nuñez
