Bitcoin started the new week with a decline

Last week, bitcoin moved mostly sideways. It did not have a clearly defined growth or descent. The flagship crypto asset was in the range between $16,800 and $17,300. On average, the price fluctuated around the $17,000 mark and was above this value during the period from December 8 to 11.

The new week began for bitcoin with a slight weakening of the price and a drop below the $17,000 level. So far, BTC is holding the $16,900 level, but it may continue its decline soon.

At the moment, the crypto-currency market is experiencing a situation called crypto-winter. The global downtrend is pulling down most of the cryptocurrency assets behind bitcoin, and against the background of this situation, catastrophes even happen with cryptocurrency organizations.

For example, several companies have already closed in 2022, including Terra (LUNA), Three Arrows Capital, FTX and others. In addition, bankruptcies of other companies are expected due to the collapse of FTX. Crypto enthusiasts suggest that BlockFi, a platform from the decentralized finance sector, may soon become bankrupt. The latter reported that FTX owed them a large amount, which is now not enough to resolve the problems.

Returning to the topic of bitcoin, it is worth noting that due to the crypto winter, some representatives of the cryptocurrency industry expect the main asset to drop to $15,000, $13,000 and even $10,000 in the near future. We, in turn, believe that the global downtrend will continue for several more months and end in about 2-4 months, and in the worst case, in six months.

At the moment, the total market capitalization is $841,000,000+. The dominance of the main digital asset in the market, in turn, equates to 38.7%, and the capitalization of BTC exceeds $326,000,000,000. The main altcoin Ethereum has a price tag of $1,250 with a capitalization of $152,000,000,000. The top 3 closes the stablecoin Tether with a capitalization of $65,700,000,000+.