In the past 24 hours, Bitcoin has slid beneath the important support level of $17,000 as weekly bears have taken the driver’s seat. The most popular cryptocurrency is presently selling at $16,723, a decrease of 2.5% over the past week. There has been significant selling pressure on the cryptocurrency market as a whole, resulting in a 6% correction and a $50 billion loss over the past 24 hours. As a result of the latest price decline, BTC has let go of all weekly gains and returned to the red zone. TradingView and Cointelegraph Markets Pro data followed BTC/USD as it reached multi-day lows on Bitstamp at $16,928. The pair reversed its entire advance to one-month highs in response to the most recent macroeconomic data and the US Federal Reserve’s decision to raise interest rates. Similarly, the price of Ethereum has dropped more than 7% in the previous 24 hours, according to figures from CoinGecko. The second-largest cryptocurrency has decelerated during the past week, trading below $1,178. Bitcoin and Ethereum accounted for the vast majority of the $117 million in leveraged positions that were wiped out th ..
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