The cryptocurrency market took a beating in Friday’s trading session, shedding upwards of $20 billion in 24 hours as BTC dips below $17K.
The past 24 hours saw the cryptocurrency market shed upwards of $30 billion of its capitalization as the price of BTC dropped towards $17K, and most altcoins chart even more considerable declines.
Bitcoin erased all the gains from the past week, trading at slightly below $17,000 following a couple of major red candles on the hourly chart.
It’s interesting to see if the cryptocurrency will manage to hold this important level or if further declines are underway. It appears that the most recent hike of the interest rates by the US Federal Reserve is taking its toll on the market as almost every cryptocurrency is trading in the red, charting bigger losses compared to BTC.
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