The crypto market loses $370 billion in a week, with bears threatening a Bitcoin collapse below $20,000
Bitcoin (BTC) is trading just above the critical $20,000 threshold on June 15, as bears threaten to push the leading cryptocurrency further below the barrier, which could lead to the liquidation of positions held by major institutions.
Although alternative cryptocurrency prices like Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) are up by as much as 8% on the previous day, they are still down by 25% to 30% from their weekly highs.
As reported by CoinMarketCap, the worldwide cryptocurrency market value dropped from $1.247 trillion on June 8 to $878 billion on June 15, a loss of $369 billion in only seven days.
The market has lost $80 billion in the previous twenty-four hours as its downward trend continues, but trading volume has climbed to $95,330,768,844 in the same time period.
Bitcoin is now selling at $20,306, a decrease of 10.27 percent over the last 24 hours and 33.39 percent over the past week.
In the last week, Bitcoin has lost $194 billion in market capitalization. It is the most recent in a string of price crumbles for the cryptocurrency, whose value has dropped by more than 60 percent in seven months.
Institutions are under stress
Customers of the cryptocurrency lender Celsius have been notified that they would be unable to withdraw funds from the platform momentarily. This comes at a time when many cryptocurrency holders are liquidating their holdings, and Celsius adds more collateral to protect their Bitcoin holdings during the market sell-off.
MicroStrategy also asserts that it has not obtained a margin call in regards to its Bitcoin-backed loan and that it can withstand further market volatility and will “HODL through adversity”
The cryptocurrency exchange Coinbase has disclosed that it will lay off over a thousand employees, after having previously withdrawn job offers.
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