Market Watch: Celsius Plummets 17%, Bitcoin Rejected at $22K

Yesterday’s brief attempt to overcome $22,000 was stopped in its tracks, and bitcoin has returned to a similar range.

Most altcoins are also with minor price declines today, except for Ripple and Cardano, which have registered some gains.

Bitcoin Stopped at $22K

It’s safe to say that this past week has been rather uneventful for the primary cryptocurrency, unlike the previous one, in which the asset dropped by over $4,000 in a matter of days.

As Saturday had arrived, BTC was already struggling after the aforementioned decline and had dipped below $21,000. It remained around that level in the next few days, aside from a few pumps that drove it to almost $22,000.

The last such example came yesterday when bitcoin spiked to $21,900. However, to no avail, as it was stopped there almost immediately.

The subsequent retracement drove it south by a few hundred dollars. As such, BTC now stands at a familiar ground – right in the middle between the range of $21,000 and $22,000.

BTCUSD. Source: TradingView

CEL Plummets Hard

The alternative coins tried to get ahead yesterday as well but, similar to bitcoin, were stopped, and most are in the red now.

Ethereum, for example, had jumped to over $1,700, which was a 6-day high. Now, though, a 3% retracement has pushed the second-largest crypto to $1,650.

Binance Coin, Solana, Polkadot, Avalanche, Dogecoin, Tron, and Polygon have also charted losses today. SOL and AVAX have dumped the most by 4.5% to $35 and $22, respectively.

Cardano and Ripple are the two exceptions from the larger-cap alts. Both are up by around 3% and ADA stands close to $0.5, while XRP is at $0.35.

Celsius, on the other hand, has plummeted by more than 15% in the past 24 hours.

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

Industry News

On-chain data shows that Ethereum whales have begun depositing large portions of ETH ahead of the upcoming Merge.

The SEC delayed the decision on VanEck’s latest proposition for a Bitcoin ETF.

The troubled crypto company Voyager was approved to provide $1.6 million in bonuses to some of its key employees.


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Cryptocurrency charts by TradingView.

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