The overall crypto market took a major hit last week as a majority of cryptocurrencies saw double digit losses for the week. The slump occurred Thursday afternoon and continued till it found a floor on Saturday before a slight recovery for the weekend. The devastating drop erased more than $500billion CAD in market cap for the overall cryptocurrency market from data provided by CoinMarketCap.
The cryptocurrency market cap dipped below $2T Saturday morning to levels last seen since last year early August 2021.
The slight recovery over the weekend might have a hard time holding and it may be too early to call it a turn-around. Still, prices look appealing at these levels to some. El Salvador President Nayib Bukele tweeted Friday that he took advantage of the dip, purchasing 410 Bitcoin for roughly $15million ending with a comment "Some guys are selling really cheap."
Cryptocurrency Summary
- Bitcoin dropped to a low of $43k CAD late Saturday and has given up much of its recovery efforts Sunday as it trades $43-44k early Monday. Further downward pressure will see Bitcoin drop to support at $38k, levels last seen on July 2021.
- Ethereum slipped under $3k and is sitting at roughly the same spot to start the week. Further bearish momentum will test July lows of $2.3k.
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