Crypto Markets Lose $30B as Bitcoin Slipped to Weekly Lows (Market Watch)

Bitcoin failed at $23,500 yesterday and dropped by almost $1,000 in the following hours to mark its lowest price point in about a week.

Most altcoins are also in the red today, with UNI, AVAX, APT, LDO, NEAR, MANA, and FTM charting the biggest daily declines.

BTC Sees Weekly Low

The past several days were going quite well for the primary cryptocurrency, which painted a 5-month high last week at well above $24,000 after the US Federal Reserve increased the interest rates by 25 basis points.

The asset tried to remain north of that line in the following days but was stopped and retraced to $23,000 – $23,500, which is where it spent the weekend as well.

After a relatively quiet Saturday and Sunday, bitcoin started to lose value during the early Asian trading hours. It dropped to $22,600 (on Bitstamp), which became its lowest price tag since January 30.

As of now, it has recovered some ground, but it still trades at just $23,000. As such, its market cap is down to $440 billion, and the dominance over the alts stands at 41.5%.

UNI Slumps After a16z Involvement

CryptoPotato reported earlier today that the VC giant Andreessen Horowitz downvoted BNB Chain in an attempt to halt a proposal by Uniswap. With one entity having so much power over a DEX, this raised questions about whether Uniswap is indeed a decentralized platform. Naturally, this also affected the native cryptocurrency’s price, with UNI dropping by 5.5% on the day to under $7.

The rest of the larger-cap alts are in not much better shape. Dogecoin, Polygon, Binance Coin, Ripple, Shiba Inu, Solana, Avalanche, and Ethereum are all down by between 2% and 5%.

More losses are evident from NEAR, LDO, APT, ICP, MANA, and FTM. In contrast, LEO is up by 4%, while OKB has added 2% of value and sits inches away from $45.

The overall crypto market cap has seen almost $30 billion gone in a day, but it’s still above $1.050 trillion.