Bitcoin price slips below $19,000

On Wednesday, September 7, bitcoin slid to $18,500 for the first time since mid-July. At the time of writing, the asset traded around $18,790.

According to CoinGecko, bitcoin has fallen 5.2% over the last 24 hours.

The second-largest cryptocurrency by market cap also remained in the red. Its 24-hour drop stood at 8.6%, with the price at $1,517.

According to Coinglass, futures-market liquidations totaling $359.8 million occurred in the last 24 hours, including $124.4 million in Bitcoin-denominated contracts and $110.5 million in Ethereum.

The leaders of the asset class traditionally pulled the market. The largest declines were in Cardano, down 9.2%, and Polkadot, down 8.7%.

The crypto investor and blogger Lark Davis noted that it was ‘time for cryptocurrencies to reset to zero again’.

I guess it is time for #crypto to go to zero again… yay…

— Lark Davis (@TheCryptoLark) September 7, 2022

On August 26, bitcoin reacted negatively to Powell’s remarks, the Fed, breaching the $21,000 level. The official said that, to curb inflation, the central bank would need to keep rates high for some time.

On the next day, bitcoin tested the range near $19,900. Ethereum price fell below $1,470.

Earlier, Genesis Trading’s head of derivatives Joshua Lim explained the weak momentum in bitcoin by the idea of ‘institutional inflows’, the ease of shorting, and the growing popularity of paired trading with other cryptocurrencies.

Analysts at Glassnode warned that the price of digital gold to $17,000.

Peter Schiff, president of Euro Pacific Capital, outlined a more bearish scenario, forecasting a collapse to $10,000.

Follow ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analytics.