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 Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 22,326.57 |
Bitcoin Price Prediction
Bitcoin’s price is currently $22,396 and its 24-hour trading volume is $26 billion. The symmetrical triangular pattern is violated at the $23,250 level, according to the technical analysis of the BTC/USD pair, and a breakout would expose the BTC price to the $22,046 support region.
On the downside, a further breakdown of this level might push Bitcoin (BTC) down to the $21,450 level.
A strong selling bias is indicated by the appearance of a bearish engulfing candle. The possibility for a bullish bounce-off with a goal of $22,800 or possibly higher, towards the $23,750 level, exists if candles close above this level.
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