Market Tanks 8 Per Cent, Bitcoin Tests $32k Support
All top cryptocurrencies have declined at least 6 per cent, with Dogecoin dropping 14 per cent, after a strong growth of 25 per cent the previous day.
The market continues to exhibit bullish undercurrents even as strong adoption news comes from El Salvador, which is set to adopt Bitcoin as legal tender on September 7 this year.
Bitcoin fell below $30K for the first time in 2021 earlier this week, amid concerns regarding clampdown of BTC mining in China.
However, if BTC breaches the $35K resistance level, it could lead to further growth over the next two weeks, as it rallies back to $40-42K levels.