Cryptocurrency: Steep Fall In Bitcoin By 3%, Ether Down By 2.5%

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oi-Kuntala Sarkar

| Published: Saturday, July 23, 2022, 23:42 [IST]

With a bearish trend in the cryptocurrency market worldwide, major crypto coins like Bitcoin and Ether are sharply down today. On July 23, till 5.59 pm UTC, it fell by 2.90% and was quoted at US$ 22,029.60, in the intra day trading. Additionally, it has fallen by 1.84% in the last 5 days. Bitcoin was showing a sharp rise over the past month, however, today’s fall has impacted the market significantly. Yesterday, Bitcoin closed at US$ 22,687.60.

Similarly, other crypto coins have also performed bearish today. Ether was quoted at US$ 1,496.14, falling by 2.57%. Yesterday, Ether closed at US$ 1,535.56. Litecoin was quoted at US$ 54.70, falling by 2.48%, Dogecoin was quoted at US$ 0.0665 falling by 1.09%, and Cardano was quoted at US$ 0.4784 falling by 0.94% today, till last traded.

Commenting on today’s fall, stated in a report, “Ultimately, market uncertainty began once the resistance level on the 14-day relative strength index (RSI) of 62.40 was hit earlier this week, with bullish momentum running out of steam soon after. Although still not clear, it is likely that we could see the floor of $21,800 hit, however with some bulls still in the market, we may not see this support broken this weekend. In addition to bitcoin, Ethereum (ETH) was also in the red, as prices moved away from recent highs to start the weekend. Despite the drop, ETH has managed to stay above $1,500, with prices still up by over 30% in the last seven days.”

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Story first published: Saturday, July 23, 2022, 23:42 [IST]