Cryptocurrency losses deepened, with popular Defi tokens such as Solana and Avalanche falling more than sector bellwether Bitcoin, as contagion concern mounts in the wake of the collapse of hedge fund Three Arrows Capital. Bitcoin dipped below $20 000 for the first time in almost a week, as the token’s lack of sustained upward momentum caused some technical analysts to raise the prospect of further declines.
Bitcoin has room to drop as low as $12 500 to $13 000, “which I expect should be an excellent place for intermediate-term buyers to add to longs,” he wrote. Bitcoin’s relatively steady trading since crashing to a low of $17 560 on June 18 had fueled optimism that the battered crypto market was setting the stage for a rebound.
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