cryptopotato.com
Bitcoin saw another price drop, this time dipping to a weekly low of $37,500. The altcoins are also once again in red, with Ethereum down to $2,500 and $SOL losing over 5%. Fantom has dropped the most after reports claiming that Andre Cronje will be leaving the cryptocurrency space.
Bitcoin Down to a Weekly Low
Approximately a week ago, bitcoin initiated an impressive leg up that resulted in a $6,000 surge in a few days after the Western powers said they will not get directly involved in the war between Russia and Ukraine.
This resulted in a price pump towards $45,000 and even slightly above that level, which became a three-week high. However, the bears intercepted the move and reversed $BTC’s trajectory shortly after.
This led to a few consecutive days of price declines before, eventually, bitcoin dumped below the coveted $40,000 line. In the past 24 hours, the asset attempted to challenge that level but was stopped in its tracks.
Consequently, the rejection drove it to a weekly low of $37,500 before recovering several hundred dollars to just over $38,000.
It’s worth noting that global equities are also down, while gold and crude oil shot up to new local peaks.
Fantom Goes on a Freefall
The alternative coins have also been through better days. Ethereum, for instance, jumped above $3,000 a week ago but failed to remain there. Just the opposite, the second-largest crypto resembled $BTC’s movements and has lost about $500 since then.
On a daily scale, only Ripple is slightly in the green from the larger-cap alts. Binance Coin, Terra, Cardano, Avalanche, Polkadot, Dogecoin, Shiba Inu, CRO, and MATIC have all marked minor losses.
Solana has lost the most from the top 10 coins. $SOL has dumped by nearly 6% in a day and sits just over $80.
Nevertheless, FTM is the biggest loser, following a 13% drop. This comes just a day the project’s senior solutions architect and Andre Cronje said they will leave Fantom.
The crypto market cap is down by another $50 billion in a day and struggles at just over $1.7 trillion.
