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8 August 2022
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Market Watch: Bitcoin Ended the Horrible Q2 Below $20K


Bitcoin went on a rollercoaster in the past 24 hours, jumping to just under $21,000. However, it still finished Q2 well in the red.

Despite spiking to a multi-day high at almost $21,000, bitcoin dumped just as quickly and finished the violent Q2 below $20,000. The altcoins experienced similar volatility, but some are well in the green now, including BNB, MATIC, and The Sandbox.

Bitcoin’s 24H Ride

The primary cryptocurrency stood at a 10-day high last weekend when it neared $22,000. As the community was expecting another jump to higher ground, though, the landscape changed, and BTC started to lose value gradually.

As such, it dropped to around $20,000, where it stood for a few days straight. However, it ultimately lost that level and plummeted to $19,000.

The situation worsened yesterday, and bitcoin slumped to another multi-week low of $18,500. However, when the horrific Q2 was close to its end, the cryptocurrency went on a tear and spiked by more than $2,000 in minutes, touching $21,000.

Nevertheless, that was short-lived, and BTC has since returned below the coveted $20,000 line. As such, its market cap is just under $375 billion, and its dominance over the alts is at 42.5%.

Notable Bitcoin News

The first nation to legalize bitcoin inside its borders – El Salvador – bought the dip by purchasing another set of 80 coins.

On-chain data reveals that it’s not just MicroStrategy and El Salvador accumulating at the moment as retail investors have been buying BTC, too.

Europe will have its first Bitcoin ETF in July as the Jacobi Asset Management application was approved.

BNB, MATIC, SAND Soar

Most altcoins went through similar volatility in the past 24 hours, but the overall landscape is slightly more positive than it was on Wednesday and Thursday.

Ethereum has sustained above $1,000 after getting close to losing that level on several occasions lately. As of now, the second-largest crypto is close to $1,100.

Cardano, Ripple, Polkadot, and LEO are with similar gains. More impressive increases come from Solana, Dogecoin, Tron, and Shiba Inu.

However, BNB is the best performer among the larger-cap alts. The asset has jumped by over 7% on a daily scale and sits well above $220.

From the lower- and mid-cap altcoins, MATIC, Stellar, Algorand, and The Sandbox have gained the most. SAND is up by more than 16% in a day and trades at $1,15.

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

Altcoin/Industry News

The CEO of CoinFLEX took a 180-turn on the company’s decision on whether to restore withdrawals as of June 30 and postponed it to an unknown date.

The Monetary Authority of Singapore (MAS) claimed that 3AC had provided false information and exceeded the AUM threshold.

Reports emerged that FTX was close to buying BlockFi for $25 million – an amount that the latter’s CEO denied.

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