Bitcoin Price Briefly Falls Below $20K, Dragging Total Crypto Market Cap Under $1T
- The global cryptocurrency market capitalization is around $965.14 billion, a 0.54 percent decline over the last 24 hours.
- The total trading volume of all stablecoins stands around $47.36 billion, representing 88.69 percent of the total crypto market 24-hour volume.
- Thereby indicating most Bitcoin traders have taken refuge in the stablecoin market, perhaps waiting for an opportune entry point.
The cryptocurrency market is feeling the heat of weekend increased volatility, with Bitcoin (BTC) price falling below $20k, according to market data provided by Binance-backed Coinmarketcap. The total crypto market capitalization as tracked by Cryptomarketcap has dipped below $1 trillion. The total cryptocurrency liquidations, according to Coinglass, came in at $89.14 million in the past 24 hours.
Notably, a total of 32,365 crypto traders have been rekt in the past 24 hours, with the largest single liquidation order happening on the Okex – BTC-USDT-SWAP, which was valued at $1.93M.
And if you ask popular Bitcoin critic Peter Schiff, Bitcoin price is headed to $10,000, where the asset may find the minimum support.
Bitcoin price is hanging precariously at the 2017/2018 ATH. Thereby raising fears of a possible sudden crash. However, Binance CEO, CZ, remains bullish on Bitcoin price with increased regulations around the world.
“Today’s price does not erase all the development and adoption in the past five years. Price is just a reflection of mass psychology, not progress,” CZ recently noted.
Remember, Binance holds the highest BTC assets globally in a single Cold Wallet address.
Notably, the address has approximately 252,597 BTC in balance, worth approximately $5 billion at current prices.
Bitfinex’s cold wallet is the second highest with approximately a balance of 168,010 BTC, worth $3.3 billion.
Closer Look at Bitcoin Price and the Cryptocurrency Market Outlook
According to data from several crypto-tracking websites including Coingecko, the global cryptocurrency market capitalization is around $965.14 billion, a 0.54 percent decline over the last 24 hours.
In other facts, the total crypto market volume over the last 24 hours is $53.40 billion, representing a 1.57 percent decline. Additionally, the total trading volume of all stablecoins stands at around $47.36 billion, representing 88.69 percent of the total crypto market 24-hour volume.
Thereby indicating most Bitcoin traders have taken refuge in the stablecoin market, perhaps waiting for an opportune entry point.
Worth noting, that long-term holders have not moved their Bitcoin assets as observed from the onchain data. Nonetheless, Bitcoin trading volume has been disputed by a recent report by Bloomberg.
All eyes are on the upcoming Ethereum Merge event scheduled for sometime in September. Dubbed the largest upgrade in the second digital asset by market capitalization, market pundits are arguing if the event has been factored into the current prices.
With the cryptocurrency market marred with crazy speculation, due to low regulations as seen in the stock market, Bitcoin price along with the altcoin market could spike in the coming months.
However, most analysts agree that the next bull market may not be triggered until 2024 when the fourth Bitcoin halving event will happen.
Furthermore, all previous crypto bull markets have been triggered by the Bitcoin halving event.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
