Bitcoin price tests below $20,000

The leading cryptocurrency continued its correction — within a few hours, prices slid to around $20,200.

The chart below shows that the drop was accompanied by a spike in trading volume.

March 10, 2023 | 05:57Update:

Bitcoin tested the $19,800 level (on the Binance exchange). As of writing, prices had corrected somewhat — the leading cryptocurrency was trading near $20,000.

Digital gold pulled the rest of the market down — the most capitalized altcoins (excluding stablecoins) moved into the red zone.

As of writing, Bitcoin is trading at around $20,240. The total market capitalization stands at $976 billion, according to CoinGecko.

On March 7, the leading cryptocurrency fell below the $22,000 level, but later recovered somewhat. This came amid remarks by the head of the Fed Jerome Powell about a high likelihood of further tightening of monetary policy.

Earlier, Vadim Shovkun, founder of the Crypto Shaman project predicted the continuation of Bitcoin’s correction.