WMA: Disappointing Week Sees Bitcoin Drop to $30k and Altcoins Bleed Heavily
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1,307 trillion.
- Bitcoin is down by roughly 5% after a highly volatile week.
- Ethereum is down by almost 13% in the past seven days.
- XRP has dropped by nearly 17% over the week.
- Binance Coin, Polkadot, and Cardano have lost precious value points.
- The DeFi sector lost almost $5 billion in total value protocols (TVL).
Crypto Trends 21st – 27th of June 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market adds another awful week to the disappointing streak that started almost eight weeks ago. More so, the overall market capitalization dropped by another $100 billion for the second week in a row. Now, the bears have full control over the market, and almost all the digital assets suffer from it. At the moment, it stands at only $1 307 trillion.
Bitcoin started the week in the worst possible way as it dropped from $36,000 to $30,000 in less than 24 hours. Additionally, on some exchanges, its value even dipped below $30k for a few hours.
Contrary to what we were used to, the recent Bitcoin decline has nothing to do with Elon Musk. On the contrary, now it was China aiming for the primary cryptocurrency. Simply put, the country’s third-largest bank, the Agricultural Bank of China, has banned its customers from interacting with Bitcoin or any of the altcoins.
News of El Salvador air-dropping $30 to each of its adult citizens helped Bitcoin regain its position at $34,000 for a few days. Fortunately, the drop didn’t continue below the psychological resistance level at $30,000. However, the high volatility on the market brought it back to around $31,000 on Saturday.
All in all, it is not the best of times for the most popular crypto in the world. Bitcoin is now trading at around $32,700 but ends the week with a promising 24-hour value boost of roughly 5%.
Ethereum is not having a ball either. The second crypto in command struggles to get above the $2,000 mark after falling beneath it on Monday. Even more, it dropped as low as $1,700 on Tuesday after following in Bitcoin’s drowsy steps. Ethereum is now trading at around $1,800 and far from its spectacular surge to $4,000 just six weeks ago.
Ripple’s XRP follows the market’s trend as it drops more than 15% of its value for the third week in a row. The $1 target is just a faraway dream at this point, and investors can only hope that the bleeding will soon cease. XRP is trading now at around $0.60.
It’s been a bad week for the entire crypto community. Almost all the altcoins have lost precious value points, and their bleeding doesn’t seem to end anytime soon.
What’s in the News?
- The legendary tycoon, John McAfee, was found dead in his Barcelona prison cell. The founder of the McAfee anti-virus allegedly committed suicide on the same day that Spain’s High Court allowed for him to be extradited to the US.
- Elvira Nabiullina, the Chief of Russia’s Central Bank, takes a fresh dig at Bitcoin and other cryptocurrencies by declaring them “surely the most dangerous strategies of all.”
Next Week’s Market Forecast
Another week ends disappointingly for the cryptocurrency market. As the bears continue their dominion, it is increasingly more difficult to hope for a speedy recovery. However, it doesn’t mean that the crypto industry loses its credibility or potential.
Despite the growing skepticism, new investors should know that the current value depreciation is only temporary. More so, it represents a low entry point for those who couldn’t buy more when Bitcoin was selling for $60,000, and the overall market cap was north of $2 trillion.