• Bitcoin (BTC) has dropped to a two-month low of less than $20,000, with altcoins also in the red.
• This is due to the crypto market cap dropping beneath $1T and a major dump of up to 15% in some coins within 24 hours.
• This follows Fed Chair Jerome Powell speaking to Congress last week and Silvergate issues coming to light.

Bitcoin Hits 2-Month Low

Bitcoin (BTC) has dropped to a two-month low of less than $20,000, with almost all altcoins also losing value. This is due to the crypto market cap dropping significantly beneath $1T and a major dump of up to 15% in some coins within 24 hours.

Reasons for Drop

The recent drop follows Fed Chair Jerome Powell’s speech to Congress last week and Silvergate issues coming to light. The bear pressure was strong enough that BTC plummeted from almost $22,000 to under $19,900 on March 10th – its lowest price tag since January 14th.

Altcoins Not Faring Better

The altcoins are not faring any better than Bitcoin either; ETH, DOGE, SOL, LTC, TRX and many others have slumped by up between 5%-15%.

Conclusion

Overall it has been an unstable week for the cryptocurrency markets as BTC drops below the psychologically important price point at $20k.. Altcoins such as ETH, DOGE and SOL have been hit hard too as they slump by up between 5%-15%. Although there have been attempts by bulls at reversing this trend these have so far been unsuccessful.

Market Watch Summary

Crypto markets have shed over $70 billion in the past 24 hours as Bitcoin hits a two month low beneath $20k. Altcoins such as ETH, DOGE and SOL are down between 5%-15%. The primary cause appears to be related both Fed Chair Jerome Powell speaking at Congress last week and Silvergate issues coming into light.