Bitcoin, Ethereum, Dogecoin Fall Amid Uncertainty Over Potential Sell-Off By US Government: Analyst Anticipates Upside To $63.5K-$65K For King Crypto After Initial Shakeout
Leading cryptocurrencies slipped Sunday as worries over high inflation and the U.S. government’s potential Bitcoin liquidation weighed on the market.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -1.09% | $62,567.27 |
| Ethereum (CRYPTO: ETH) |
-1.13% | $2,454.49 |
| Dogecoin (CRYPTO: DOGE) | -1.18% | $0.1106 |
What Happened: Bitcoin fell below $63,000, reaching a low of $62,045 in the early hours before recovering in the evening.
Ethereum wobbled in the $2,400 region as the bulls faced stern resistance in their attempt to breach $2,500.
Ethereum’s year-to-date gains have narrowed to 7.77%, thanks to a multi-month downtrend since hitting nearly $3,900 in late May.
Concerns have mounted after the Supreme Court declined to hear a case challenging the government’s ownership of the Bitcoin seized from the dark web marketplace Silk Road, clearing the door for liquidations of up to 69,370 BTC.
Total cryptocurrency liquidations exceeded $100 million in the last 24 hours, while Bitcoin’s Open Interest dropped 0.38%.
Bitcoin’s Long/Short Ratio declined further as traders placing bearish bets on the leading cryptocurrency surged vis-à-vis those gunning for price increases.
The …
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