Less than a week after Bitcoin’s price briefly traded above the $24,000 mark; the flagship digital asset has dropped to less than $22,000 after losing over 4% of its value in the last 24 hours.
Bitcoin’s descent from the $24,000 region began after news that Tesla had sold 75% of its holdings on July 20, but the asset was still able to trade around the $23,000 region during the weekend.
However, over the July 23 weekend, Bitcoin’s price dipped below 22,000 to $21,831 as of press time ahead of the anticipated rate hike by the Federal Reserve on July 27.
Meanwhile, Bitcoin’s Fear and Greed Index also shows the current sentiment among market participants about the fear of the FOMC meeting.
Per Coinglass data, $29 million was liquidated from Bitcoin trades.
Ethereum's down by 5%
The second largest digital asset by market cap also saw its recent momentum cut short as over $70 million were liquidated from the market in the last 24 hours.
Ethereum lost over 5% of its value in the previous 24 hours and is exchanging hands for $1528.
Currently ETH looking stronger than BTC, but both are currently at LTF levels of support.
Some analysts, however, expect the coin’s transition to a proof of stake network to renew investors’ interest in the asset. In contrast, others to the current macroeconomic situation as a harbinger of the coin’s return to previous red runs.
Could ETH move to the #1 spot on the market?! BTC's dominance is 41.5% compared to ETH's dominance is 18.4%. Once the bull market returns we could see ETH's dominance could rise higher than BTC by ten fold! Due to majority of the market being built on ETH's ecosystem. We have not seen the full potential of Taproot's technology to upgrade's BTC ecosystem.
