Ethereum, Altcoins Extend Losses Against Bitcoin as BTC Tests USD 34K Zone

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The crypto market fell further on Saturday. bitcoin reached the July 2021 price level, while Ethereum (ETH) increased its losses against BTC.

The crypto market fell further on Saturday with bitcoin (BTC), reaching prices last seen in July 2021. ETH, however, extended its losses against BTC.

BTC trades around USD 34,363 at 10:15 UTC. It is down 13% per day and 30% per month. This reduces its annual gains to below 11%. ETH trades at USD 2,332, down 19%. Although the price has fallen 42% over a month, it is still up 108% over a year.

Other currencies are down 19%-30% per day. According to Coinglass data, liquidations in crypto derivatives markets surpassed USD 1bn. More than 351,680 trading positions have been closed in the last 24 hours.

reported that the market fell following a selloff by technology stocks in the US.

“Bitcoin’s continuing selloff is driving speculators from the market. The market may be preparing for a quick squeeze and relief rally, however, as leverage quickly builds around this asset,” Ben Caselin (Head of Research and Strategy, crypto exchange ) told Cryptonews.com Friday.

The analyst stated that while the selloff is unlikely to be too worrying for long-term holders, it could make some newcomers less interested in the space. The analyst stated that this is especially true for those who trade meme coins and other hype-based tokens.

Although there have been larger percentage drawdowns in bitcoin and the aggregate markets, this is the second-largest dollar decline for either, Bloomberg reported, citing Bespoke Investment Group. According to analysts at the group, “It gives an indication of the extent of value destruction that percentage decreases can mask.”

“Bitcoin is being battered” by risk-off sentiment. Keep an eye on traditional markets for further clues. Bloomberg quoted Antoni Trenchev as saying, “Fear and unease among investors are palpable.”

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