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Crypto market melts $370 billion in a week as bears threaten Bitcoin crash under $20k

Crypto market melts $370 billion in a week as bears threaten Bitcoin crash under $20k

On June 15, Bitcoin (BTC) is trading only slightly higher than the critical $20,000 mark, as bears are threatening to push the flagship cryptocurrency down farther below the barrier, which might lead to the liquidation of the position of some major institutions. 

The prices of several of the most prominent alternative cryptocurrencies, such as Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE), have increased by around 8% or more in the last day, although they are still down by 25% to 30% when compared to the values they had one week ago.

As a result of the market downturn, the global crypto market capitalization has seen an outflow of $369 billion in just seven days as the market cap fell from $1.247 trillion on June 8 to $878 billion on June 15, according to CoinMarketCap data.

Crypto market cap loses $370 billion in a week. Source: CoinMarketCap

Meanwhile, the market has shed $80 billion in just the last twenty-four hours alone as it continues its downward trend, while the trading volume has increased to $95,330,768,841 in the same time.

Bitcoin price analysis

Currently, Bitcoin is trading at $20,306, down 10.27% in the last 24 hours and a further 33.39% in the previous week alone.

Bitcoin 7-day market cap. Source: CoinMarketCap

In the last seven days, Bitcoin has seen $194 billion disappear from its market cap.

It is the most recent event in a string of price collapses for the cryptocurrency, which has seen its value fall by more than 60% in the space of seven months. 

Institutions are feeling the pressure

Customers of the cryptocurrency lender Celsius have been informed that they would be temporarily unable to withdraw cash from the platform. This comes at a time when many holders of cryptocurrencies are selling up their holdings but also as Celsius adds more collateral amid the market sell-off to protect their Bitcoin from liquidation.

MicroStrategy also claims that it has not received a margin call in relation to its Bitcoin-backed loan and that it is able to weather further volatility and will ‘HODL through adversity’ in the cryptocurrency market.

After withdrawing employment offers earlier, cryptocurrency exchange Coinbase has revealed that it will lay off more than a thousand of its staff members.

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