June 4, 2023

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Ethereum also fell below $1,500 on Saturday.

Bitcoin suffers market decline

The sell-off in the crypto market has not stopped.

Bitcoin briefly fell below $20,000 on Saturday, extending its weeks-long decline.according to CoinGecko data, down about 3.9% today and 18% over the past 14 days. The last time Bitcoin fell below the key $20,000 level was in mid-July, but it was hit by volatility in August. It is currently trading at $19,996.

Ethereum, the world’s second-largest cryptocurrency, also suffered losses as Bitcoin retraced.according to CoinGecko data, Ethereum fell 7.6% on the day to trade around $1,475. Like Bitcoin, it has had a volatile few weeks, losing about 24.7% of its market value.

Several other assets, including layer 1 networks Solana and Avalanche, and DeFi staples Uniswap and Aave, also bleed during the downturn.

The market-wide rally throughout July and early August raised hopes that the crypto market may show signs of recovery after a months-long slump. The anticipation surrounding the Ethereum merger event is a particularly powerful narrative among crypto traders, especially after the September launch date was set. However, recent activity suggests the market has lost some of the confidence it found earlier in the summer.

After taking a 6.1% hit, the global cryptocurrency market capitalization is now just over $1 trillion. That’s about 66% below the November 2021 peak of $3 trillion.

Disclosure: At the time of writing, the author of this article owns ETH, AAVE, and several other cryptocurrencies. They also have exposure to UNI in the cryptocurrency index.

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