Bitcoin Breaches $19,000, Ethereum Dips Below $1,000
An early Saturday morning slide saw ETH slip below the key support level of $1,000, and Bitcoin fall as low as $18,905, representing significant new lows in already bearish crypto market, according to CoinMarketCap.
Ethereum dropped precipitously from $1,076 to $986 in less than two hours.
Bitcoin is down nearly 10 percent for the day, and continues to hover below the $20,000 mark at press time. The last time Bitcoin was in the $19,000 range was December 2020. Back then, hitting $19,450 was called a "surge" tied to proposed U.S. regulation of stablecoins.
These new lows in two "blue chip" cryptocurrencies" fall below largely symbolic barriers—$20,000 for Bitcoin and $1,000 for Ethereum. Still, breaching these thresholds could trigger a wave of ‘forced liquidations, which would in turn drive prices down even further.
The total market capitalization of all cryptocurrencies currently stands at around $835 billion, down over 7% in the last 24 hours.Source