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BTC dips to $37,500, FTM tumbles as Andre Cronje’s leaves

written by Bella Palmer

Fantom (FTM) dropped 13% as the project’s senior solutions architect and Andre Cronje said they will leave Fantom

Bitcoin saw another price drop, this time dipping to a weekly low of $37,500. The altcoins are also once again in red, with Ethereum down to $2,500 and SOL losing over 5%. Fantom (FTM) has dropped the most after reports claiming that Andre Cronje will be leaving the cryptocurrency space.

Approximately a week ago, bitcoin (BTC) initiated an impressive leg up that resulted in a $6,000 surge in a few days after the Western powers said they will not get directly involved in the war between Russia and Ukraine.

This resulted in a price pump towards $45,000 and even slightly above that level, which became a three-week high. However, the bears intercepted the move and reversed BTC’s trajectory shortly after.

This led to a few consecutive days of price declines before, eventually, bitcoin dumped below the $40,000 line. In the past 24 hours, the asset attempted to challenge that level but was stopped in its tracks.

Consequently, the rejection drove it to a weekly low of $37,500 before recovering several hundred dollars to just over $38,000.

The alternative coins have also been through better days. Ethereum, for instance, jumped above $3,000 a week ago but failed to remain there. Just the opposite, the second-largest crypto resembled BTC’s movements and has lost about $500 since then.

On a daily scale, only Ripple is slightly in the green from the larger-cap alts. Binance Coin, Terra, Cardano, Avalanche, Polkadot, Dogecoin, Shiba Inu, CRO, and MATIC have all marked minor losses.

Solana has lost the most from the top 10 coins. SOL has dumped by nearly 6% in a day and sits just over $80.

Nevertheless, FTM is the biggest loser, following a 13% drop. This comes as the project’s senior solutions architect and Andre Cronje said they will leave Fantom.

The crypto market cap is down by another $50 billion in a day and struggles at just over $1.7 trillion.


The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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