Crypto Markets Drop $200B as Bitcoin Slumped to Six-Month Low
Bitcoin fell to prints in the lowest level since 15 August 2021, exploring $38,250. Somewhat expectedly, the enhanced volatility means pain for some traders, with liquidations surging past $700 million within a day.
Bears appear in total control of the market as the crypto space lost $200 billion in one day as Bitcoin crashed beneath the $40K mark.
Bitcoin (BTC) lost over $5,000 within hours and plunged towards its lowest value in about six months. That had the altcoin market declining. Ethereum dipped well beneath the $4K vital level as the crypto market cap saw a $200 billion 24hr loss.
BTC Drops to Six Month Low
The world’s leading digital coin finally saw a remarkable surge after gradual decreases that had it calming near $42,000 within the last several days. Bitcoin gained $1,500 within hours to hit a multi-day peak at $43.5K.
As bulls contemplated another upward move, bears stepped up and shifted the narrative. Bitcoin weakened and suffered a massive fall towards $40K. Nevertheless, the worst was on the way. The following hours had Bitcoin losing its vital levels and kept dropping.
Bitcoin fell to prints in the lowest level since 15 August 2021, exploring $38,250. Somewhat expectedly, the enhanced volatility means pain for some traders, with liquidations surging past $700 million within a day. For now, BTC seemed to gain ground, hovering around $39K. However, the asset’s market capitalization suffered, standing below $750 billion at the moment.
Altcoins in Red
The alternative coin market saw value increase yesterday also. However, Bitcoin’s slump shifted the landscape. While publishing this article, the crypto heat-map flashes red. Ethereum hit $3,200 the previous day, but the 8% 24hr crash had the 2nd-largest crypto hovering beneath $2.9K.
Other alts in red are BNB (-8%), SOL (-9%), DOGE (-7%), AVAX (-9%), SHIB (-7%), MATIC (-7%), and XRP (-7%). Algorand and NEAR Protocol also witnessed massive plunges, losing 13% of value each. Further loses come from LRC (-15%), SCRT (-10%), QNT (-14%), POKT (-14%), RUNE (-13%), AAVE (-11.5%), Gala (-12%) and ZEC (-11.5%).
The downbeat mode has the global cryptocurrency market cap losing $200 billion to levels beneath $1.85 trillion from yesterday’s peak of $2.050 trillion.
Meanwhile, some experts believe Bitcoin will drop to value areas below $30,000. A renowned crypto critic Peter Schiff stated that Bitcoin cleared the road towards $30K after breaking the head-shoulder neckline. The experts believe losing the $30,000 level might trigger free falls towards $10,000.
Stay tuned for the latest developments in the crypto space.