On Wednesday, September 7, prices of the first cryptocurrency dropped to $18,500 for the first time since mid-July. At the time of writing, the asset is trading around $18,790.

According to CoinGecko, bitcoin fell 5.2% in the past day.

The second-largest cryptocurrency by capitalization was also in the red zone. The decrease in the last 24 hours was 8.6%, the current price is $ 1517.

According to Coinglass, $359.8 million worth of positions were liquidated daily in the futures market, of which $124.4 million was in bitcoin and $110.5 million in Ethereum-based contracts.

Flagships have traditionally taken the market with them. Cardano (-9.2%) and Polkadot (-8.7%) suffered the most notable losses.

Crypto investor and blogger Lark Davis stated that it is “time for cryptocurrencies to reset again.”

I think it’s time #crypto to go to zero again… bow…

— Lark Davis (@TheCryptoLark) 7 September 2022

He reacted negatively to Bitcoin chairman’s speech on August 26 fed Jerome Powell, who failed at $21,000, then said the central bank should keep interest rates high for a while to control inflation.

The next day, the first cryptocurrency tested a range around $19,900 and Ethereum price dropped below $1,470.

Earlier, Joshua Lim, head of Genesis Trading division for derivatives, explained the weak dynamics of bitcoin, the ease of short-term opening and the growing popularity of pair trading with the application of the idea of ​​“influx of institutionalists”. with other cryptocurrencies.

Recall that Glassnode analysts allowed the price of digital gold to drop to $17,000.

Peter Schiff, head of Euro Pacific Capital, voiced a more negative scenario, predicting bitcoin’s drop to $10,000.

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