The cryptocurrency market has struggled over the past week, and things don’t look good right now. The entire capitalization decreased by almost $400 billion in the last week alone as a result of numerous fronts reporting negative news. Celsius Network, one of the biggest lenders in the cryptocurrency industry, quickly declared that it had halted all withdrawals, swaps, and transfers at the beginning of the week. The inability of users to access their money was identified. The widespread liquidation rumors caused a tremendous panic on the market.
Following last week’s severe fall, which culminated in an 18-month bottom of $17,500 on Sunday, the bulls have been attempting to regain some of BTC’s lost ground.
Due to this, it just increased to $21,500. However, after U.S. Federal Reserve Chairman Jerome Powell reiterated the central bank’s plans to continue raising interest rates in a last-ditch effort to combat skyrocketing inflation, bitcoin failed there and fell below $20,000.
BTC, however, rapidly bounced back to its sub-$20,000 ride and eventually past it yesterday. In the past 24 hours, the asset has gained another leg, and it is currently just a few centimeters away from $21,000. Due to this, its market cap has increased to around $400 billion, but its market share has decreased to under 43%.