Market Watch: Bitcoin Dips Below $38K, Fantom (FTM) Tumbles 15% Following Andre Cronje’s Leave

Market Watch: Bitcoin Dips Below K, Fantom (FTM) Tumbles 15% Following Andre Cronje’s Leave

Bitcoin saw another price drop, this time dipping to a weekly low of $37,500. The altcoins are also once again in red, with Ethereum down to $2,500 and SOL losing over 5%. Fantom has dropped the most after reports claiming that Andre Cronje will be leaving the cryptocurrency space.

Bitcoin Down to a Weekly Low

Approximately a week ago, bitcoin initiated an impressive leg up that resulted in a $6,000 surge in a few days after the Western powers said they will not get directly involved in the war between Russia and Ukraine.

This resulted in a price pump towards $45,000 and even slightly above that level, which became a three-week high. However, the bears intercepted the move and reversed BTC’s trajectory shortly after.

This led to a few consecutive days of price declines before, eventually, bitcoin dumped below the coveted $40,000 line. In the past 24 hours, the asset attempted to challenge that level but was stopped in its tracks.

Consequently, the rejection drove it to a weekly low of $37,500 before recovering several hundred dollars to just over $38,000.

It’s worth noting that global equities are also down, while gold and crude oil shot up to new local peaks.

BTCUSD. Source: TradingView

Fantom Goes on a Freefall

The alternative coins have also been through better days. Ethereum, for instance, jumped above $3,000 a week ago but failed to remain there. Just the opposite, the second-largest crypto resembled BTC’s movements and has lost about $500 since then.

On a daily scale, only Ripple is slightly in the green from the larger-cap alts. Binance Coin, Terra, Cardano, Avalanche, Polkadot, Dogecoin, Shiba Inu, CRO, and MATIC have all marked minor losses.

Solana has lost the most from the top 10 coins. SOL has dumped by nearly 6% in a day and sits just over $80.

Nevertheless, FTM is the biggest loser, following a 13% drop. This comes just a day the project’s senior solutions architect and Andre Cronje said they will leave Fantom.

The crypto market cap is down by another $50 billion in a day and struggles at just over $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Written by: Jordan Lyanchev

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