Bitcoin Has Failed at $17,000

Bitcoin started another run toward $17,000, but it was halted and has retraced a few hundred dollars.

Daily, altcoins are relatively calm. On the other hand, Solana has continued to lose value following recent problems with related companies. Its most significant price drop occurred days after the exchange’s demise when BTC fell to a two-year low of $15,600.

It quickly rebounded to more than $18,000, but this was short-lived. It also fell back to $17,000 in the hours that followed. A few days later, bitcoin fell below $16,000, further deteriorating the situation.

However, the bulls stepped in at this point and drove it north, which has remained at roughly $17,000. During the collapse, Solana dropped below $9 before quickly climbing back up.

However, several cryptocurrency exchanges have decided to withdraw from Solana-based stablecoins, causing the native asset’s price to fall again. SOL has fallen below $14 due to a 4.5% drop.

The rest of the large-cap alts are up slightly. Ethereum, Ripple, Binance Coin, Dogecoin, Polygon, Cardano, Polkadot, and Shiba Inu are examples of this.

High inflation rates have compelled the Federal Reserve to try to slow the economy by rapidly raising interest rates. And the prospect of worse to come hasn’t bode well for risky assets like Dogecoin (DOGE 0.98%), which is down significantly in 2022 amid the crypto market’s turmoil. Dogecoin has been the poster child for how volatile the cryptocurrency market can be, and its volatile nature has attracted gamblers looking for a quick profit. Furthermore, the price of Dogecoin has risen in response to public support from billionaire businesspeople such as Elon Musk and Mark Cuban, both of whom accept Dogecoin as payment for Tesla merchandise and Dallas Mavericks tickets and merchandise.