$200B erased from crypto markets overnight as Bitcoin drops to a 6-month low and below $40,000. In today’s latest Bitcoin news, we are taking a closer look at the market analysis.
Bitcoin dropped by more than $5000 in a few hours and dumped to a six-month low. The altcoins are deep in the red as we can see clearly from the Ethereum Price that slid below $4000 and the entire market cap lost $200 billion in one day. After a few days of gradually decreasing in value and reaching $42,000, the main cryptocurrency initiated a leg up and increased by $1500 in a few hours, reaching a multi-day high of $43,500.
As the bulls were trying for another increase, the bears came to play and charged the landscape dramatically. BTC started losing value dramatically and dumped to $40,000 but the worst was yet to come. In the next few hours, BTC lost a coveted resistance lien and kept on dropping but this time it dropped to $38,250 which became the lowest price point since August 5th, 2021. The enhanced volatility caused pain for most traders with the liquidations rising above $700 million in one day. The asset recovered some ground and now stands near to $39,000. However, the market capitalization suffered quite a bit and is sitting below $750 billion with the rest of the altcoins being in the red.
The altcoins jumped in value recently but as with bitcoin, it turned out to be a fake breakout so now the entire market is in the red. Ethereum touched $3200 a day ago but an 8% slump drove the second biggest crypto to below $200. Binance Coin dropped by 8%, Solana by 9%, Cardano by 8%, Avalanche by 9%, MATIC by 7%, and ripple by 7% as well.
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NEAR protocol and Algorand lost even more value on a daily scale and dropped by 13% each. More losses were evident from SCRT which dropped 20%, POKT 14%, QNT 14%, RUNE 12%, and AAve 11%. The crypto market cap saw $200B erased from yesterday’s peak of $2.050 trillion to below $1.850 trillion.
As we read earlier, Things were looking great for Bitcoin as the week came to an end but the price then came crashing back down. After posting some modest gainst to reach back above $43,000, the price of BTC dropped back below $40,000 and it didn’t stop until it reached $38,592 according to CoinmarketCap which is the lowest point since August 2021.
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