Cryptocurrency market drops about $80 billion in one day after Bitcoin drops below $40,000
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Answer Cryptocurrency market drops about $80 billion in one day after Bitcoin drops below $40,000
After a few days of consolidation above the $40,000 level, bitcoin dipped below that level and dropped to a new monthly low.
Today, most altcoins are in the red, with Ethereum sinking below $3,000
Most of the big altcoins were also affected, with Ripple, Solana, Cardano and Polkadot all posting clear losses.
Altcoins are swimming in a red sea:
The past few days have been fairly quiet in the altcoin market, with little or no significant price movements.
But the situation today is fundamentally different.
Ethereum is leading the opposite trend with a price drop of around 5%.
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As a result, the second largest cryptocurrency fell below $3,000 for the third time this month.
Binance coin BNB is struggling to stay above the $400 level after a daily decline of 3.5%.
Just yesterday, BNB was trading at close to $420.
The decline in cryptocurrency prices made the market value of cryptocurrencies evaporate $80 billion, and the total market value fell to $1.81 trillion.
Bitcoin price records lowest monthly decline:
After consecutive fluctuations last week, it made Bitcoin drop from $45,000 to around $40,000.
Bitcoin tried to stand above $40,000 and even swung at $41,000 yesterday, but to no avail.
On the contrary, the bears came out to play and pushed them down.
As a result, Bitcoin lost the $40,000 level for the second time in the past 10 days and continues to lose value.
This time, Bitcoin fell to $38,600 (on the Bitstamp trading platform), which became the lowest price for the coin since March 16.
Currently Bitcoin is trading at $39,200, but its market capitalization has fallen to less than $750 billion.
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