Bitcoin falls under $19k, Ether drops past $1k
Cryptocurrencies plummeted in the market with Bitcoin falling below $19,000 and Ether dropping past $1,000, as fears of a broad economic recession are looming over business verticals.
Bitcoin, the world’s leading cryptocurrency fell 9.57 percent on Sunday, and is being traded at $18,459 as of 07.53 a.m Saudi time. Ethereum, the second most traded cryptocurrency is priced at $963, down 10.60 percent, according to data from Coindesk.
A Bloomberg report revealed that Bitcoin’s value drastically plummeted by 15 percent on Saturday, and at one point in time, it reached $17,599. Ether fell as much as 19 percent to $881 on Saturday, the lowest since January 2021.
Data from Coinglass suggested that total liquidations in the Crypto market were around $566 million in the last 24 hours, with Bitcoin and Ether at around $271 million and $192 million respectively. Bitcoin has now lost almost 70 percent of its value since it reached its peak in November 2021, when the virtual currency was valued at over $68,000.
The overall market value of cryptocurrency assets has fallen from $3 trillion to less than $1 trillion, according to coinmarketcap.com, which tracks crypto prices. As of Saturday afternoon the company’s data showed crypto’s global market value stood at about $816 billion.
