Bitcoin continued to trend bearishly heading into the new week, falling around 2% to US$16,200.
Bears are eyeing up the US$16,000 support line, the point at which bitcoin last fell below seven days prior.
Can bitcoin (BTC) reverse its bearish position? – Source: currency.com
Ethereum is also stuck in a downtrend, having dipped below US$1,160 this morning, though the second-largest cryptocurrency has since recovered above the US$1,170 price point, with the bulls eyeing up US$1,180 as the next recovery target.
Social unrest in China is causing macro headwinds on all risk-on assets, while overhangs from the collapse of the FTX exchange continue to cause distress in the markets.
Daily losses were fairly pronounced in the large-cap altcoin space, with Ripple (XRP), Cardano (ADA), Polygon (MATIC) and Polkadot (DOT) all falling between 3% and 4%.
Litecoin (LTC) was hit even worse, although the payment coin remains nearly 20% higher week on week.
Meme token Dogecoin (DOGE), which has been once again rallying on speculation of a Twitter integration, remains over 25% up week on week, despite some small Monday losses.
Few altcoins made any real gains today.
Mid-tier blockchain protocol Mina added 2% to its US$426mln market cap, while Bored Ape Yacht Club’s ApeCoin (APE) added around one percent.
Toncoin (TON) and Trust Wallet Token (TWT) also opened in the green.
Total global market capitalisation across all crypto markets is currently US$821bn, while total value locked across all decentralised finance (DeFi) protocols is US$41.2bn.
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