Terra Classic Plunges 13% on Do Kwon News, Bitcoin Struggles at $19K (Market Watch)

The price of bitcoin continues to struggle around $19,000, with another dip below that level earlier today.

Most altcoins are slightly in the red on a daily scale. Terra Classic is among the most significant losers, following the latest developments in relation to the project’s co-founder – Do Kwon.

Bitcoin suffers at $19K

The primary cryptocurrency experienced a massive drop last week when the US Federal Reserve announced the latest increase in key interest rates. Bitcoin, seen as a riskier asset, fell by almost $2,000 in hours to a three-month low of $18,100.

It responded well at this point and recovered $19,000 a day later. It even tried to get something more out of this run, but was stopped in its tracks.

As such, BTC returned to $19,000 at the end of the work week and spent almost the entire weekend there without any significant movement in either direction. Monday started with some more volatility pushing it south to $18,700.

Still, the bulls came back to play and drove bitcoin back above $19,000, where it currently resides. The market capitalization is still at $365 billion, but the dominance over altcoins has taken a breather and is over 39% now.

LUNC dumps hard

The altcoins also had a mostly quiet weekend, but most have charted smaller losses now.

Ethereum continues to struggle around $1,300. The asset fell to that level a few days after the rally took place 11 days ago and has not been able to break above it since.

Binance Coin, Ripple, MATIC, Tron and Avalanche are also down by similar percentages (around 2%) in a day.

More losses are evident from Cardano, Solana, Dogecoin and Shiba Inu (up to 3% daily). LUNC has dumped 13% in the last 24 hours as reports surfaced that Interpol had issued a red notice on Terra’s co-founder – Do Kwon.

Overall, the crypto market cap is down about $20 billion daily, but it’s still north of $900 billion (on CoinMarketCap).