Both Ethereum and Bitcoin, two of the most important cryptocurrencies in the industry, have fallen to three-week lows.
The hopes of a new Bitcoin rally at last week’s Bitcoin 2022 in Miami didn’t materialize. The leading cryptocurrency fell below $42,000 Monday morning, compared to levels last seen March 22.
Bitcoin trades at $41,532 as of the time of this writing, according to CoinMarketCap. This is despite the fact that Bitcoin’s benchmark cryptocurrency has fallen 2.36% in the past 24 hours and 9.65% over the last week.
The Bitcoin 2022 conference brought together thousands of crypto enthusiasts as well as executives from dozens if Bitcoin-focused businesses. Among them was Cash App’s direct deposits feature which allows employees to receive their wages in Bitcoin. Also, Strike’s integration of its crypto payment platform Strike and e-commerce giant Shopify were two of the most important announcements.
Contrary to last year’s conference, where El Salvador’s president Nayib Bukele announced that his country would accept Bitcoin as legal tender. However, the conference did not bring any news that could boost the value of Bitcoin.
The 7-day chart also shows that Bitcoin reached a peak above $47,000 on April 5th, but then crashed to the bottom in the days following. It failed to make a prolonged breakout after a brief spike above $43,300.
Bitcoin and Ethereum both fall
The rest of crypto market followed suit with Ethereum (ETH), the second-largest cryptocurrency by market capital, falling 5% per day to $3,076.
Ethereum’s value has fallen by more than 11% in the past seven days. Arthur Hayes, former CEO of BitMEX, predicted that ETH could test $2,500 by June end.
Hayes acknowledged that there isn’t much science behind these numbers, but he pointed out that BTC and ETH were “highly correlated to the tech-focused Nasdaq 100 stock market index (NDX), which is down 3.87% from last Tuesday.
Hayes wrote in a post that “If the NDX tankes, it will take crypto with it.”
Former BitMEX chief expects more “crypto carnage”, which will lower Bitcoin’s price to as low as $30,000.
Elsewhere, Terre’s LUNA dropped 8.17%, while Avalanche_’s AVAX fell 7.39%.