32 C
New York

BTC Dumped Below $40K, Losing $6K In Three Days: Analysis

Date:

BTC dumped below $40K and lost about $6K in three days while the crypto market is down by $200 billion as well so let’s read further in today’s latest Bitcoin news.

The adverse price developments on the market are still ongoing as BTC Dumped below $40K and most other altcoins are in the red with Terra losing 7% and BNB dropping below $380. The current war between Russia and Ukraine harmed the financial markets worldwide but BTC managed to recover the losses quite fast when the West refused to get involved directly in the war.

btcusd
BTCUSD. Source TradingView

BTC kept on increasing and reclaimed $40,000 and soared to a three-week high above $45,000 just as March started. However, this is where the bears stepped up and didn’t allow for the asset to go upwards. The main cryptocurrency started losing value gradually despite the on-chain data revealing retail and whale investors starting to accumulate major portions lately. Over the past day, BTC went from $42,000 to $39,000 and still has trouble closing this line. This means that the cryptocurrency lost more than $6000 since the local peak a few days ago.

Bitcoin’s market cap dropped below $750 billion after hitting $850 billion and the rest of the coins also suffered in the past few days after charting new highs in the previous week. Ethereum surpassed $3000 short but the market-wide retracement drove the cryptocurrency down by $350 and as of now, ETH struggles at $2650. BNB Chain lost 4% in one day and now stands at $380 while Cardano, Solana, Polkadot, DOGE, Avalanche, SHIB are all in the red from the larger cap altcoins. Terra and Atom lost the most value and they are down by 7% and 11.5% respectively. The crypto market is down by $90 billion in one day and $200 billion in a few days to $1.750 trillion.

ADVERTISEMENT

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As we saw yesterday, BTC continued to lose value over the past 24 hours and dipped towards a five-day low of under $41,000 with the altcoins being in the red once again with some bigger price losses from ETH and Solana while ATOM is the only one in the green again. Bitcoin initiated the biggest daily candle in over a year by surging about $6000 and hitting $45,000 after the US and other Western nations said they will not get involved in the war in Ukraine.

ADVERTISEMENT

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Related articles

spot_img

Recent articles

spot_img