The slight drop in Bitcoin price puts large-cap cryptocurrencies in a gloomy situation

Over the past 24 hours, the Bitcoin price has dropped slightly and is trading around $16,400. Many professional crypto traders say that Bitcoin is still undecided on its trend, while the market has worrisome forecasts about the leading virtual currency’s price dropping to $ 12,000. Three days earlier, Bitcoin price hit a two-year low, at $15,480, sending the market in the red. At the time of writing, BTC is changing hands at $16,615.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin Price Today: Bitcoin Slightly Down

Crypto analysts say that most investors fear the spillover effects from the collapse of the FTX exchange. There are growing doubts surrounding the health of companies in the crypto industry like Genesis and BlockFi. The sell-off caused some companies to stop trading and even prepare to file for bankruptcy.

Worth mentioning is the picture of the crypto market is forecast to get worse and worse, but the nightmare may not be over, because BTC will decline even more. The developments related to the collapse of the FTX exchange have dragged the entire crypto market to a lower level.

Statistical data over the past 24 hours shows that BTC fluctuates in the range of $15,646 – $16,653 (lowest price – highest). According to CoinMarketCap, Bitcoin’s trading volume is around $23.3 billion, with a market capitalization of $316 billion.

Today’s top 10 cryptocurrencies have a pretty strong divergence, but the overall trend is downhill. Specifically, Ethereum fell 1.8%, Cardano fell 1.8%, Polkadot fell 3.2%, and Litecoin fell 4.2%… In contrast, the green color glimmered in coins like XRP and Dogecoin…

Total market capitalization today recorded $827 billion, down 0.7%. With the market situation not very optimistic, Bitcoin price movement is still very gloomy. Retail investors are recommended to observe and be cautious when trading. In the short term, Bitcoin will remain in a volatile state until it bottoms out maybe at $12,000 or lower.

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