For the First Time Since March: BTC Dipped Below $40K, ETH Beneath $3K (Market Watch)

After several days of steady price drops, bitcoin plunged further yesterday. It fell below $40,000 for nearly a whole month. ETH is down to $3,000 and BNB at $400 respectively, while Cardano fell below $1.

BTC Drops Below $40K

Bitcoin was unable to surpass $47,000 last week, so the bears took advantage of the situation to regain nearly complete control over the market. They pushed the primary cryptocurrency to $45,000 first, and then to $43,000 over the next few days, according to last week.

BTC lost $42,000 yesterday, despite continuing to dive in its price. Although this was a worrying retracement, the situation deteriorated over the next several hours.

It continued to plummet in value, reaching $40,000 at one point. This was quickly lost. Bitcoin plummeted to $39,200 which was its lowest price in nearly a month.

BTC has since rebounded and gained around $1,000. It now sits just above $40,000, but its market capitalization is down to $765 billion.

BTCUSD. Source: TradingView
Deep Red Again – ltcoins

Altcoins have also not been enjoying the past few days. Many went through significant retracements yesterday. The situation is now very dire.

Ethereum fell below $3,000 for only the third time in three weeks. Although Ethereum is now the second largest crypto, it still falls more than 4% daily.

Binance Coin traded below $400 but now trades above it. Ripple and Terra are down up to 6%. Cardano is also down, while ADA has fallen below $1.

Solana is the largest-cap alt with a 7% daily drop. SOL is now slightly higher than $100. The market landscape for altcoins with lower and mid-cap sizes is almost identical. In fact, the total market capital has fallen by $70 billion over the past week. In just one week, the metric has seen $300 Billion disappear.

Cryptocurrency Market Overview. Source: Quantify Crypto
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Marla Brooks

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.

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