On Monday, September 20, Bitcoin traded below the $43,000 level. In the last 24 hours the asset fell 8.9%, according to CoinGecko.
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At the time of writing, Bitcoin was trading around $42,800. Bitcoin’s dominance index stood at 41.1%, ETH at 17.9%.
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Total futures liquidations over the last 24 hours exceeded $1 billion, according to Bybt.
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The second-largest cryptocurrency by market cap fell 10.3%. The price of Ethereum is currently below $3,000.
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In a tweet, trader and analyst going by the handle Rekt Capital noted that the current drop in Bitcoin “isn’t extreme.”
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This #BTC dip isn’t extreme
Your emotional reaction to it shouldn’t be extreme either$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) September 20, 2021
“Your emotional reaction to it should not be excessive either,” he added.
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According to journalist Colin Wu, the reason for the declines in global and cryptocurrency markets is the Evergrande Group situation. On September 20, shares fell to an 11-year low.
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The Hang Seng Index fell 3.3%, its biggest one-day drop in the past eight weeks. Among them, the two Evergrande bonds will usher in the interest payment date on Thursday, and the stock price plunged nearly 19% during intraday trading, setting a new low since June 2010.
— Wu Blockchain (@WuBlockchain) September 20, 2021
Earlier, JPMorgan strategist Nikolaos Panigirtzoglou said that the fair price of Ethereum based on on-chain activity metrics is $1500.
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Earlier, Delphi Digital analysts suggested that the market is expected to see heightened volatility ahead of the September 24 options expiry.
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