With numerous losses of almost all assets in double-digits, the bears have continued to control the cryptocurrency market. This just hours after the US stock markets lost its value.
Bitcoin Drops $8K in 2 Days
It is safe to say that the primary cryptocurrency has had a rough time. They weren’t that far away, as they jumped to $43,500 Thursday after a $1,500 price increase.
The situation was radically changed hours later. Yesterday’s report stated that BTC began to drop in value quickly and fell to a 6-month low of $38,250. In just one day, more than $700,000,000 worth of liquidations were caused by this increased volatility.
The bulls suffered another blow as bitcoin tried to recover and reached $39,000. BTC dropped by $4,000 and fell to $35,000.
The asset’s market capitalization has fallen below $700 billion, as it is currently only a few hundred dollars above this level.
BTCUSD. Source: TradingView
The recent correction in stock markets coincides with Bitcoin’s price slide. In the last few days, the three largest US stock market indexes have all been in the red. S&P 500, Dow Jones Industrial Average and Nasdaq Composite both fell by about 5% and 2% respectively last week.
ltcoins Double-Digit Dumps
Altcoins have been in worse shape over the last two days. Ethereum traded at $3,100, but is currently trading below $2,500. This is after a further 15% decline since yesterday.
All alt charts show double-digit drops. These include Binance Coin (20%) and Cardano (16%), Ripple (14%), Solana (14%), Terra (30%), Polkadot (23%), Dogecoin (44%), Avalanche (-22%) and MATIC (20%), among many other alt charts.
There are more losses from Theta (30%), PancakeSwap (28%), Gala (-26%), Harmony (20%), Loopring (-25%) and Theta Fuel (-25%).
The total market capitalization for all crypto assets has fallen to just above $1.6 trillion. This means that the metric has fallen by $200 billion per day and $400 billion over two days.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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