Bitcoin price slips below the $20,000 psychological level

Bitcoin breached the $20,000 level. The price drop was sharp and accompanied by a surge in trading volumes.

June 18, 2022 | 20:09Update:

Bitcoin breached the next level — $19,000. Ethereum trades around $985.

June 18, 2022 | 23:16Update:

Bitcoin is trading around $17,800. Ethereum near $900.

On the higher time frame, the $20,000 level marks the peak of Bitcoin’s previous bull run, which ended in late 2017.

The drop below the high of the previous market cycle occurred for the first time in Bitcoin’s history.

There’s a first time for everything https://t.co/1qLdb67aHR

— cevo (@cryptocevo) June 18, 2022

Ethereum price is gradually slipping below the $1,000 level:

Total cryptocurrency market capitalization fell to $885 billion, roughly in line with levels seen in January 2021. By comparison, in November last year it topped $2.9 trillion.

The cryptocurrency fear and greed index fell to a record-low reading of 6.

Some market participants attribute the move to a confluence of factors, including:

• Terra collapse ;
• Celsius and Three Arrows Capital ;
• macroeconomic backdrop .

At the time of writing, Bitcoin is trading around $19,380. The 24-hour drop stood at 6.7%, according to CoinGecko.

Earlier, Galaxy Digital CEO Mike Novogratz expressed the view that Bitcoin would stay above $20,000 and Ethereum would not fall below $1,000.

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