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 Bitcoin Crashes To 7 Days Low, Ethereum And XRP Also Drop

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Despite the boom week, bitcoin, the most valuable cryptocurrency, has fallen to a seven-day low. Several other altcoins that were also rising fell, including the second largest Ethereum coin, which fell more than 5%, XRP fell 4%, and ADA led the way with 6%.

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Over the past nine days, bitcoin has shown a positive trend. From a low of $19,230 to a high of $24,280, the leading cryptocurrency is up over 26% since July 12.

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| TA: Ethereum stuck in key range, why $1480 is key

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However, the latest rise in BTC has failed to overcome the biggest barrier standing in the way of Bitcoin reaching the $30K price level. Instead, the price of bitcoin began a new downtrend after failing to stabilize above the $23,000 level.

BTC reversed its gains and fell below the $22,000 mark. The price is currently $21,917.87, more than 3% lower than the day before but 5.2% higher than the previous week. Its current market capitalization is $418.68 billion, with a 24-hour low of 2.62%.

In addition, Ethereum lost ground along with BTC and other cryptocurrencies as it failed to sustain the $1,600 level it reached earlier in the week. CoinMarketCap data shows that its price fell to $1,547.89 in the last day, down 2.5%.

Tradingview
Bitcoin is currently trading on the daily chart at $21,975 | Source: BTCUSDT From Tradingview

Ethereum, ADA and XRP are also in decline

Over the past 14 days, ETH has shown the best results. From a low of $1,008 on July 12 to a monthly high of $1,664 on July 23, it gradually rose. In addition, since Merger announcement Date ETH is up more than 15.0% in the last seven days, and the currency is up notably 32.3% in the previous 14 days.

Additionally, according to data from CoinMarketcap, the eighth-largest cryptocurrency, Ripple (XRP), has fallen 4.9% over the past day to hit $0.346754. In addition, with a 4.70% drop in the past 24 hours, its market value has also fallen to around $16.735 billion.

Cryptocurrency markets have remained above their respective support levels over the past weekend. So, since July 18, there has been a bullish surge in the price of XRP, giving the impression that it will overcome any obstacles. But, unfortunately, XRP fell sharply at the beginning of the new trading week. Since it failed to reach the $0.4 level, the current market movement has had little effect on the price of XRP.

| TA: Bitcoin price is at clear risk of a sharp fall, indicators turn red

On the other hand, the price of Cardano has skyrocketed to $0.55 and has long overtaken XRP. However, the bears quickly pulled out both assets, demonstrating their strength over the bulls.

However, ADA failed to stay above $0.55. It is currently trading at $0.493943 with a 6.4% loss and is still moving lower.

                   Featured image from Flickr, chart from Tradingview.com



Credit : www.newsbtc.com

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