The value of both Bitcoin (BTC) and Ethereum (ETH) has decreased by 5%, which has hurt the cryptocurrency market.
With BTC and ETH being the two biggest cryptocurrencies by market cap, many are speculating as to how much lower they can fall.
Prices for bitcoin (BTC) have dropped significantly in recent hours, dropping more than 5% from $23,500 to $22,240. The second-most valuable cryptocurrency, Ethereum, has also fallen by more than 5%.
The total market value of Bitcoin has decreased due to this reduction from $430.9 billion to about $22 billion.
The continued repercussions from Silvergate Bank may be to blame for the steep reduction in BTC’s value as it has made the fiat on-and-off ramp more unclear.
The US government is also attempting to break further financial linkages between cryptocurrency companies and FDIC-insured institutions, which is thought to be a major contributor to the decline in the value of Bitcoin.
The decline in BTC values was also aided by mounting anxiety over interest rate increases.
A succession of encouraging US economic indicators have caused a decrease in the value of cryptocurrencies worldwide, suggesting that the Federal Reserve may need to raise interest rates further and for a longer period of time.
As a result, the cryptocurrency markets have been flashing red, which has caused the price of BTC to decline.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,561.49 |
Ethereum Price Prediction
Ethereum (ETH) is currently trading for $1,560, with a $9 billion 24-hour trading volume. Technically speaking, the ETH/USD pair has broken out of a symmetrical triangular formation, suggesting that more selling could occur until it reaches $1,560.
If this barrier is broken, ETH might be vulnerable to the $1,500 level. Nonetheless, there is significant resistance at or near $1,620.
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