Main navigation

Top Reason Why Bitcoin Just Dipped Below $20,000

Thu, 09/15/2022 - 16:02
article image
Alex Dovbnya
Cryptocurrency market has sunk lower, together with U.S. equities, after flood of economic data
Top Reason Why Bitcoin Just Dipped Below $20,000
Cover image via
Read U.TODAY on
Google News

The price of Bitcoin (BTC) has dropped below the $20,000 level, currently trading at $19,737 on the Binance exchange.

Image by

The top cryptocurrency continues to trade in tandem with the U.S. stock market, with the correlation between crypto and equities remaining extremely high. The tech-heavy Nasdaq Composite has slipped by 1.2%. The S&P 500 is also down by more than 0.8%.

Traders are currently assessing various economic data that may provide clues about the pace of interest rate hikes. While retail sales were hotter than anticipated, they actually underperformed analysts' predictions if the auto sector is excluded. At the same time, initial jobless claims outperformed expectations.

BabyDoge Holder Number Again Surpasses SHIB's After Reaching New All-Time High

As reported by U.Today, Bitcoin saw a double-digit drop on Tuesday due to higher-than-expected inflation data.

The Federal Open Market Committee (FOMC) will convene next week in order to make a decision regarding the size of the next rate hike.

Ethereum is top laggard

The Ethereum (ETH) price has slipped below the $1,500 level on the Binance exchange despite the Merge being a resounding success.

As many expected, the upgrade was priced in by the market, which is why this underperformance should not come as a surprise. Even though Ethereum's transition to proof-of-stake took place without a hitch, it still ended up being a "sell the news" event.

The ETH token has plunged by more than 5% over the past hour alone, vastly underperforming other major altcoins.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at