Cryptocurrency losses are deepening, with the popular Solana and Avalanche experiencing heavy losses as Bitcoin struggles to maintain the $ 20,000 level as it rises in the industry from collapse of the large hedge fund Three Arrows Capitalas reported by Bloomberg.
It is noted that Bitcoin fell earlier today below $ 20,000 for the first time in almost a week, before regaining the level. The lack of a steady upward trend in cryptocurrency makes some analysts question the prospect of further decline.
Right now, according to investing.com, Bitcoin is down 3.30% in the last 24 hours and is moving at $ 20,162.5. The MVIS CryptoCompare Digital Assets 100 index, which includes 100 of the top cryptocurrencies, fell as much as 4.1%. Solana slipped up to 6.2% and Avalanche fell as much as 7.2%.
Bitcoin’s relatively stable trading since falling to a low of $ 17,560 on June 18 had fueled optimism that the cryptocurrency market was laying the groundwork for a recovery. However, the industry remains under pressure from central banks’ efforts to “drain” liquidity, as well as a series of high-profile collapses in the cryptocurrency industry, hurting investor confidence.
The more stable cryptocurrency prices recently probably created some relief “amid a lot of negative headlines over the past two months,” said Craig Erlam, senior market analyst at Oanda. “I’m afraid other headlines may follow in the coming weeks and I wonder if the community believes the same, given the inability of Bitcoin to gain any boost over $ 20,000.”
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