Note: Bitcoin and Ethereum Are Testing Critical Levels Right Now

The decline of the crypto market continues, with the Bitcoin price currently testing the important level of USD 20,000. The Ethereum price has also fallen to a new low and will soon start testing the crucial level of $1,000.

Nearly $1 Trillion of Bitcoin Evaporated

At the time of writing, the Bitcoin price is at $20,185, pushing the market capitalization of the largest crypto currency to a new low in 52 weeks.

Bitcoin has lost a third of its value in the past week due to exceptionally high inflation rates and an expected rate hike by the US Federal Reserve.

Bitcoin’s market cap has fallen from $1.27 trillion in November 2021 to less than $386 billion today. If the Bitcoin price drops below the crucial level of $20,000 today, there is a good chance that the price will fall much further.

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