Rollercoaster: Bitcoin Dumped to 6-Week Low, Dogecoin Plunges 12% (Market Watch)

Bitcoin plummeted to below $38,000 six weeks after its initial rise above $40,000 a day earlier. Altcoins are also in deep trouble, with Dogecoin losing any gains from the Elon Musk–Twitter scandal.

Bitcoin’s new drop

After several days of price drops, bitcoin finally experienced an incredible upturn that saw it rise by nearly $3,000. The asset went from $38,000 down to just under $41,000 in just one day. This was after the rejection at $43,000 last week, which gave the bears control of the market.

BTC challenged $41,000 yesterday. But to no avail. It failed to break it and was then rejected. Bitcoin lost all its daily gains in a matter hours. But, this time it continued dumping.

The cryptocurrency dropped below $38,000 for its first time since mid March. The cryptocurrency reacted positively to the drop and is now around $1,000 higher. However, its market capitalization is now below $750 billion.

BTCUSD. Source: TradingView
lts. See Red

Altcoin’s market saw impressive gains yesterday but has now turned red, just like bitcoin.

After dropping below $3,000, Ethereum soared to $3,000 within days. However, the spike was short-lived, as ETH trades at $2900 now after a 3.5% daily decline. After a 2% drop, Binance Coin has fallen to $400

Solana is currently at $100 but it’s slightly below the average. There has been some loss of traction for Terra, Terra, Cardano and Polkadot as well.

Dogecoin dropped by 12.5% to $0.15 It’s important to note that DOGE spiked double-digits after news broke that Twitter had accepted Elon Musk’s offer.

The crypto market cap is now down to $1.8 billion after seeing about $100 billion disappear in a single day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

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.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami