Hassan Maishera
TL;DR
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Bitcoin is down by nearly 2% in the last 24 hours as market selloff continues.
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BTC could drop below the $26k level as the bears remain in control.
Bitcoin Risks Dropping Below $26k
Bitcoin, the world’s leading cryptocurrency by market cap, has underperformed over the weekend. BTC was trading just above $27k on Friday but has lost more than 3% of its value over the past few days.
At press time, the price of Bitcoin stands at $26,181, down by 1.4% in the last 24 hours. The market has been experiencing a selloff since Federal Reserve Chair Jerome Powell revealed last week that the apex bank could continue with its tight monetary policies for a while as it continues to combat inflation.
The broader cryptocurrency market has lost more than 1% of its value in the last 24 hours, with the total cryptocurrency market cap now at $1.04 trillion.
Despite the market’s poor performance, LINK, the native coin of the Chainlink ecosystem, is up by more than 1% today. LINK is the best performer amongst the top 20 cryptocurrencies by market cap over the last 24 hours.
