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Bitcoin Calms Around $35,000 as Ethereum Slides to $2,000

Bitcoin

TL; DR Breakdown

  •  UK bank is planning to quit doing business with Kraken and Binance.
  • Currently, Bitcoin Dominance is 45 percent.
  •  Most of the altcoins are bleeding, according to the daily heat map from Coin360.

Recently, Bitcoin has had a hell of a time. The crypto giant has rested on 35k. Most altcoins are recording losses daily. The second-largest digital asset ETH dropped, and it is trading slightly above $2,200, while ripples (XRP) have dipped by more than 5 percent in 24 hours frame.

BTC price drops below $35K

The most popular digital asset BTC was on the surge for several days.  Earlier this week, bulls dominated the Bitcoin (BTC) market sending its prices to a 26-day high at $41,338.21. Sellers flooded the Bitcoin market as the bulls were preparing to hit the $50K target. The bears forced the all-time high digital asset price to depreciate and settle slightly below $35K. This drop shows that the largest digital asset has lost more than $6K in less than a week.

Bitcoin investors are in a dilemma if the coin will hike or it will continue with the downtrend. The hope of the all-time high digital asset is the natural buyers. If several natural buyers come into the market, they will curb the bearish trend and set the coin into an uptrend momentum.

Fear, uncertainty, and doubt is coming from different places. The United Kingdom central bank is planning to quit doing business with two of the digital asset giant exchanges Kraken and Binance.

Bitcoin market dominance

Last month Bitcoin dominance recorded a significant drop. The virtual currency dominance drooped from 70% to lows of 42% in mid-May. Currently, Bitcoin Dominance is 45 percent.

Recently, alternative coins have had a rough time than the largest digital asset. The closest Bitcoin rival traded at $2,600 on Tuesday before bears came in and pushed the prices to slightly above $2K. The second-largest asset lost more than $400, a 6% drop from this week’s high of $2,600.

BNB coin has had a downward trend in the last few days. The coin is trading at $322, which is a 5 percent drop. Most of the altcoins are bleeding, according to the daily heat map from Coin360.

On a 24-hour scale alone, DOGE has dropped by 9% to $0.2662. XRP (-1%) ADA (-5%), DOT (–8), Uniswap (-2%), MATIC (-5%), and Chainlink (-8%) are also in the red.

Bitcoin
Source:Coin360
Moses Kimathi

Moses Kimathi

Nothing else motivates Moses than crypto. He loves writing and following closely events on the king of crypto. In five years time, he is looking forward to riding the crest of Cryptopolitan as the go-to site for critical thinkers and influencers.

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