Red market: What happened to Bitcoin and Ethereum, and what to expect?

On August 19, the Bitcoin price fell by 6% and thus fell below $22K. However, the collapse did not occur suddenly: experts began to notice that BTC was getting cheaper as early as the morning of August 12. The last time the coin broke through this point was at the end of July. C’mon, Bitcoin, what’s wrong with you again?

What’s happened

To be fair, it’s worth mentioning that other cryptocurrencies also fell in price. According to experts, this occurred after a sudden sale of cryptocurrencies at the beginning of trading in the European market. However, the real reason for the collapse of the digital asset market is still unclear.

Some editorials relate the decline in Bitcoin value to uncertainty about the Federal Reserve’s monetary policy.

Altcoins also fell in price over the past 24 hours. In particular, the value of Ethereum decreased by 5.7%, to $1.739K, and the rate of the Binance Coin — by 8.73%, to $282.The market’s total valuation decreased by 7% to $1.1 trillion during the day.

What is your #BTC price prediction for September?ETH backed from the iconic $2K level achieved on August 13 because of news about finishing the Goerli test network’s transition to the Proof-of-Stake consensus algorithm.

Currently, the 2nd most capitalized crypto asset is hodling near $1,753, having lost 6% in a day.

Cryptocurrencies from the Top Ten by Market Cap moved into the red zone, following the BTC, excluding stablecoin. ADA and DOGE showed the most significant decrease — 13.2% and 13.7%.

Coinglass reports that $552M worth of positions were liquidated in the market during the last day. $203M of this number was in BTC, $140.8M in ETH.

The total market cap of the digital assets market is just over $1 trillion. Bitcoin dominance index is 38.3%, ETH — 19.2%.

Before that, the president of Euro Pacific Capital, Peter Schiff, said that BTC would hit new highs. He thinks that Bitcoin will continue declining to $10K and below. Time will tell if his prediction comes true (hopefully not).

At the time of writing, BTC trades at 21.9 per coin.