Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

Bitcoin price is falling again after it started making a positive turn at the beginning of July. The entrance into the second half of 2022 seemed to revive most cryptocurrencies. There was a sudden rise in value for several tokens, with the world’s largest crypto asset almost taking the lead. Bitcoin hit the $25,000 level within the past few weeks, but such performance is not sustainable. On consecutive days this week, BTC lost hundreds of dollars in value as the price crawls back to around $23,000. The broader market is struggling through the downward path as many altcoins are dipping. The cumulative market cap lost up to $50 billion through the price drop from digital assets. Related Reading: Dogecoin Jumps 15% In 24 Hours As DOGE Overcomes Critical Level During last week, BTC dipped to the $22,000 mark. Then, it suddenly regained the momentum to cross the $25,000 level. Finally, Bitcoin even traded above $25,200, which stood as its highest price for over two months. While the price couldn’t make a further upward move, it stalled on the level for several trading hours. But it later dipped to $24,000 after losing $1,000. After that, the BTC price swiveled around within the level and later gained slightly to move to $24.400. It’s at this point that the bears take over. BTC gradually dropped till it lost $1,000 again to hit its weekly low of $23,000. At the time of writing, Bitcoin has lost some value in its m...