Bitcoin price dipped below $20k, while Ethereum’s price struggled to hold above the $1k level as the global cryptocurrency market fell by over 3% losing $50 billion in valuation on Monday.
This week, the cryptocurrency market continues to struggle as significant digital assets like Ethereum are down almost 7%. The reason for ETH’s price drop is likely due to the weak opening of U.S. stocks on Monday, the continuous selloff of tech stocks, and the significant losses that Chinese stocks incurred last night.
In addition, news of a successful phishing attack on Ethereum’s largest exchange, Uniswap, is a stark reminder to crypto investors that malicious actors still plague the industry and that hackers continue to steal millions by defrauding investors.
According to a report from Decrypt:
“After gaining access to Uniswap LPs [Liquidity Pools] via a malicious airdrop contract, hackers stole more than 7,500 in Ethereum.”
While Bitcoin is still up over 2.5% in the past seven days, the cryptocurrency dipped by over 3% in the past 24 hours, dropping below the $20k support level, trading at $19,899 at the time of writing.
A Forbes report today highlighted Rockefeller Chairman’s opinion that cryptocurrency markets still haven’t hit “bottom” and issued stark price predictions for leading digital assets like Bitcoin, Ethereum, BNB, Solana, XRP, Cardano, and Dogecoin.
It’s clear that bears are leading the markets, causing uncertainty, and pushing cryptocurrency prices down. Moreover, the underperformance of the stock market, specifically tech stocks, is a significant concern for investors looking to long on cryptocurrency.
Speaking of tech stocks, Twitter saw a significant drop on Monday, dropping over $6 since Friday, down by over 14% in the past five days.
The price drop for the Twitter stock is none other than Elon Musk, whose change of heart regarding the company’s purchase is causing billions in damages to the tech giant’s valuation. A lengthy legal battle is likely to ensue, causing additional strain for investors and amplifying the stock’s selloff.
According to Yahoo Finance, an analyst from CFRA Research, Angelo Zino, Twitter has the upper hand in the upcoming legal battle with Musk, citing:
“At the end of the day, we do think Twitter does have the upper hand here. And, you know, given that, we do think there is a possibility that they could potentially take, you know, north of a $1 billion breakup fee when all is said and done.”
Regardless of the legal battle with Elon Musk, Twitter hasn’t changed as a platform and remains an attractive option for investors. If anything, the sharp drop in Twitter stock could spell an upcoming opportunity to capitalize on the low share price and set your portfolio up for substantial gains in the long term.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any stocks.
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