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Crypto Markets See Double-Digit Crash, Bitcoin Dips Below USD 10,000

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Linas Kmieliauskas

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Linas Kmieliauskas

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Last updated:

June 25, 2023

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After a short term recovery last week, when bitcoin price reached USD 13,000 again, it dropped over the weekend dipping even below the psychologically important level of USD 10,000 for c. 10 minutes on Monday morning (UTC time). Only a few coins from the top 100 are in green today.

At pixel time (3:32 UTC), bitcoin trades at c. USD 10,247 and is down by 10% in the past 24 hours and by 11% in the past week. The most popular cryptocurrency trimmed its monthly gains to below 17%.

Bitcoin price chart:

The whole market capitalization dropped by 10%, to USD 279 billion. However, bitcoin dominance, or the percentage of the total market capitalization, is still above 65%.

Among the top 10 coins by market capitalization, ether and bitcoin sv registered the biggest losses (17% and 21% respectively). Other major tokens lost 5%-17% of their value.

Among the top 100 coins, only JCT, CCX, HT and NET are in green.

Meanwhile, Changpeng Zhao, CEO of Binance, a major cryptocurrency exchange, predicted in a recent interview with Bloomberg that volatility in the market might increase even further. He also said that retail investors still account for about 60% of trading volume on the exchange and “the number of institutions coming into this industry has not increased that tremendously in 2019 yet.”

However, Juan Villaverde, head of the Weiss Ratings team of analysts and computer programmers who created Weiss cryptocurrency ratings, in an opinion piece last week argued that despite recent volatility “this is the strongest first phase of any bull market in the entire history of Bitcoin.”