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.
