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The broader market was already in a bear phase, but Bitcoin faced an 8% plunge on August 18 as Elon Musk's SpaceX reportedly divested its Bitcoin holdings, akin to Tesla.
In the past week, Bitcoin declined 11.5%, hitting $26,023.3, according to CoinGecko's data as of 5.30 pm on Monday. Similarly, significant alternative cryptocurrencies like Ethereum fell 9.7%, Ripple lost 16.9%, Solana crashed 13.3%, and memecoins such as Dogecoin and Shiba Inu declined nearly 16%.
Chahal Verma, a Gurugram-based crypto investor said 2023 has proven to be an interesting year for the crypto markets, particularly Bitcoin, despite regulatory hurdles.
The crypto market shows signs of revival in the first half of 2023, driven predominantly by a resurgent Bitcoin, which has jumped more than 80% in 2023 and the overall crypto market is now touching $1.19 trillion.
Global warming. Funding winter. El nino. The weather is truly inclement all around. But thats no reason for venture capitalists, who have raised record moolah over the past year, to cling to their capital instead of putting it to work, causing a drop in investments in the first half of 2023. This and more in todays ETtech Morning Dispatch.