Bitcoin price falls below $22,000

On Friday, August 19, Bitcoin’s price fell below the $22,000 level. Over the past 24 hours the asset lost 7.3%, according to CoinGecko.

As of writing, Bitcoin was trading above $21,760.

Ethereum price retraced from the notable $2,000 level reached on August 13 amid news of the Goerli testnet’s transition to the Proof-of-Stake consensus algorithm.

The second-largest cryptocurrency is trading near $1,735, down 6% over the past 24 hours.

Top-10 crypto assets by market cap moved into the red area following the majors, with stablecoins the exception. Cardano and Dogecoin posted the largest declines at 13.2% and 13.7%, respectively.

According to Coinglass, futures liquidations over the past 24 hours stood at $552 million. Of this, $203 million were in Bitcoin and $140.8 million in Ethereum.

The total cryptocurrency market capitalization is just over $1 trillion. Bitcoin’s dominance index is 38.3%, and ETH’s is 19.2%.

Earlier, Euro Pacific Capital president Peter Schiff questioned whether digital gold would reach new highs. In his view, Bitcoin is more likely to continue falling to $10,000 and below.

Earlier, Galaxy Digital CEO Mike Novogratz forecast that Bitcoin would stay in a $20,000–$30,000 range. Ethereum could reach $2,200 or higher ahead of The Merge, he noted.

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