The asset lost over $4,000 in a single day after a quiet weekend when it was near $49,000. Many alternative coins suffered more than Bitcoin, including Ripple and Solana.
Bitcoin Drops to $44.5K
Yesterday’s price movement reports showed that the weekend was relatively stable and unaffected. Bitcoin remained above $48,000 despite a low trading volume. It even attempted to challenge $49,000 on Saturday but it was unsuccessful.
The situation has since changed in a very negative manner. Bitcoin began to tumble late Sunday, dropping to $47,000 at first. It remained there for quite some time.
The bears weren’t done yet, and continued pushing BTC south. BTC fell below $46,000 and $45,000, respectively. Just minutes ago, an intraday low of $44,400 was charted.
Leveraged traders have suffered significant pain after losing more than $4,000 in 24 hours. According to Bybt data, liquidations during this period have reached more than $800 million. The largest single position involved ETH on Bitfinex and was worth more that $15 million.
BTCUSD Source: TradingView
It is worth noting that the financial sector has been suffering, with US futures and EU stocks both experiencing losses. The only asset that has seen a recent increase in value is gold.
ltcoins Deep In Red
The alternative coins have also fallen, as is the case with BTC dumps. This negative trend is led by Ethereum, which saw a 10% drop to just above $3,100. ETH traded high above $3,000.
Cardano and Ripple are displaying more double-digit price dumps. Deep in red are Binance Coin (-7%), Dogecoin(-9%), and Uniswap (9%)
Cryptocurrency Market Overview. Source: Quantify Crypto
Celo has seen a 15% increase in value, but most altcoins with lower and mid-caps have also lost significant amounts of their value. Algorand (16%) and Hedera Hashgraph (14%), THORChain (14%), Waves (13%), ICON (-13%). Arweave (12%). IOTA (12%). Quant (12%). EOS (-12%).
The cryptocurrency market cap is now below $2 trillion and has lost more that $150 billion per day.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.