Bitcoin once again traded around the $20,000 level, with stocks underperforming amid concerns of a greater shakeout in the crypto market. The cryptocurrency had been moving in the same direction for months as investors’ appetite for riskier assets in stocks was dampened by growing fears about an economic slowdown.
The world’s largest and most popular cryptocurrency is down 0.9% and is trading at $20,292. Bitcoin appears to be consolidating around the $20,000 level, which is similar to the actions of around $30,000 in May and June.
Global cryptocurrency According to CoinGecko, the market capitalization was below $1 trillion today, and dropped by almost one percent to $942 billion in the past 24 hours.
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency, slipped more than 2% at $1,077. Meanwhile, Dogecoin price was trading today at $0.06, while the Shiba Inu gained 2% to $0.0000010.
Other crypto price performance today was mixed as XRP, Tether, Solana, BNB and Tron prices were trading with cuts in the last 24 hours, while Stellar, Litecoin and Uniswap, Polygon gained 10% and 19 percent respectively. % increased.
Crypto broker Voyager Digital Ltd said on Wednesday it may issue a default notice to its subsidiary Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its debt. Voyager’s total exposure to Three Arrows Capital includes 15,250 bitcoin (approximately $310 million) and 350 million USD coin (USDC).
The digital asset has been selling off along with other riskier holdings throughout the year as global central banks hike interest rates to curb rising inflation.
Developments such as lender Celsius freezing withdrawals and decentralized-finance applications taking unprecedented measures to protect themselves from cascading liquidations have injected further uncertainty into the crypto industry.
Crisis-hit crypto lending platform Celsius Network Ltd said on Monday it needed more time to stabilize its liquidity and operations after freezing deposits in June.
Withdrawals from North America’s first bitcoin exchange-traded fund, the Objective Bitcoin ETF, on Friday totaled about 24,510 bitcoins, or about 51% of its assets under management, as it saw a one-day record, according to data compiled by Bloomberg and analysts. was. $500 million outflow last week.
(with inputs from agencies)