Crypto news: BTC sinks to $33K as the downfall continues

Bitcoin (BTC) was not done falling after appearing to stabilise at the end of the carnage weekend for the digital currency market. The weekend saw the oldest cryptocurrency fall below $35,000.

But in London morning trade, the coin reached as low as $33,554.04, data from CoinMarketCap.com show, representing a -50.9% fall from its all-time high registered last November.

According to algorithmic price prediction site Wallet Investor, bitcoin’s current support levels sit within the $33,605 - $35,241 range. Its resistance level was pinned at $36,876 and $38,512.

Analysts from on-chain analytics firm Glassnode pointed out that the recent downturn represents the second steepest correction in this cycle.

Correction is defined as loss of assets value of 10% or more. The steeper fall was seen only last May as China outlawed cryptocurrency and Tesla suspended bitcoin payments due to concerns about environmental issues.

A meme-coin dogecoin (DOGE), on the other hand, made its return to the 10 biggest digital currencies by market capitalisation, after surpassing polkadot (DOT) in total market value.

Other crypto news: 

• Joe Biden's administration looks to release a government-wide strategy for digital assets in the form of an executive order as soon as next month, reports Bloomberg.

Quote of the day 

New York mayor Eric Adams was asked how much money he lost by converting his first paycheck as an NYC mayor during the market downturn, to which he told CNN

Top coins by market capitalisation

As of 10:40 GMT

• Bitcoin (BTC) sunk 5.88% to $33,745.08
• Ether (ETH) plummeted 10.28% to $2,267.58
• Binance coin (BNB) crashed 10.37% to $345.66

Winners and losers

• Dogecoin (DOGE) made its return to the top 10 virtual coins by market capitalisation. The meme-coin reached $17,3bn market capitalisation surpassing polkadot (DOT) with $16,3bn capitalisation
• Solana (SOL) lost 19.42% over the last 24 hours 

Read more: Will the crypto market decline continue in 2022?

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