Watch this key level as the price of Bitcoin, Ethereum, BNB, Cardano, Solana and XRP continues to rise

Bitcoin and cryptocurrency prices continued to fall after a sudden sell-off earlier this week.

Subscribe to Forbes’ CryptoAsset & Blockchain Advisor now and discover hot new NFT and crypto blockbusters ready for 1,000% profits

Bitcoin price fell as low as $ 56,500 per bitcoin on some exchanges, down nearly 5% in the past 24 hours, and Bitcoin’s losses at that time were down 11% last week. Bitcoin’s volatility has weighed on the price of Ethereum, Binance’s BNB, Solana, Cardano, and Ripple’s XRP – all of which are down between 4% and 8% in the past 24 hours – and is around $ 500 billion in just over seven days the combined crypto market cap wiped out.

With Bitcoin, Ethereum, Binance’s BNB, Solana, Cardano, and Ripple’s XRP all struggling, traders are desperately looking for signs of a floor below, with a crypto-exchange chief citing Bitcoin’s $ 1 trillion market cap as a possible level of support.

Register now for the free CryptoCodex—A daily newsletter for those interested in crypto. We help you understand the world of Bitcoin and Crypto, every day of the week

MORE FROM FORBESA legendary billion dollar market maker issued a serious Bitcoin price warning – and a bold Ethereum predictionThrough Billy Bambrough

Bitcoin price has lost more than 10% in the past week and is trading in a range of USD 10,000 per … [+] Bitcoin as Ethereum, Binance’s BNB, Solana, Cardano and Ripple’s XRP battle.

SOPA Images / LightRocket via Getty Images

“Bitcoin price development continues to look weak,” said Pankaj Balani, managing director of Singapore-based crypto derivatives exchange Delta, in email comments. “We can expect more volatility in the upcoming sessions, but Bitcoin’s $ 1 trillion market cap should be good support in the short term.”

Bitcoin collapsed back above $ 1 trillion in early October after a summer slump, with the Bitcoin price rally pushing the broader market to an all-time high of around $ 3 trillion. Earlier this month, the Bitcoin price rally pushed Bitcoin’s market cap to a high of $ 1.3 trillion. This week it has fallen to just under $ 1.1 trillion.

The recent volatility is due to inflation fears spreading to central bankers, who are now expected to accelerate their rate hike plans. Early this morning, analysts at Wall Street giant JPMorgan presented their forecast of a high Federal Reserve interest rate for September next year, Bloomberg reported.

“[The latest bitcoin and crypto sell-off] comes at a time when the macro backdrop is also starting to deteriorate amid rising inflation, “added Balani.” It will not come as a surprise if central banks cut some liquidity from the markets to cool inflation. This should put downward pressure on all risky assets including Bitcoin. “

KryptoCodex—A free, daily newsletter for those interested in crypto

MORE FROM FORBESJPMorgan doubles its massive Bitcoin price predictions – but adds a serious warningThrough Billy Bambrough

Bitcoin price has lost over 10% in the past week, with Ethereum, Binances BNB, Solana, … [+] cardano and Ripple’s XRP wiping billions off combined crypto market cap.

Coinbase

Although Bitcoin, Ethereum, Binances BNB, Solana, Cardano and Ripple’s XRP have lost billions in the past week, many crypto market watchers remain optimistic.

“The current market correction is attributed to a number of factors, such as the recently strengthened US dollar index and the recent US infrastructure law, which is supposed to introduce tighter regulation of crypto,” said Freddie Evans, sales trader at UK digital asset broker GlobalBlock. wrote in a note.

“However, there remain several technical indicators that suggest this is not the end of the current bull market and so this prolonged correction may not last long.”