Bitcoin Recent Drop Below $30K Decreased $80 Billion From Crypto Market
June 07 2022 - 6:38PM
NEWSBTC
As the effects of the recent bloodbath in the crypto market started
vanishing, the fledgling Bitcoin, after a long time, reached near
the $32,000 level yesterday. But again, it failed to hold above
$30,000. Following nine red weekly candles, BTC retested $31,700 in
the first green week on June 06 and then plummeted sharply in the
next 24 hours at $29,000. Fortunately, BTC’s price is rising again
and currently trading above $31,000. The fall of the fledging coin
leads altcoins to face dumps, too, mainly affecting the prices of
SOL, AVAX, and BNB. Related Reading | Institutional Investors
Refocus On Bitcoin As Market Losses Intensifies Continuos price
drops, which nearly declined the asset by over 6%, signified that
investors were taking profits after a long-lasting bearish trend.
In the prior uptrend of BTC price in the last days of May, the
Bitcoin bulls pushed the price upward to the $32,000 level from
$30,000. A day after claiming the new high, BTC fell around $29,000
again on the next day. Again, seeing an uptrend in the price for
the past few days, the digital asset started to lose its value on
June 07. However, in the previous weekly green candle, BTC’s price
remained above and beneath $30,000. When the most recent downtrend
started, Bitcoin’s value bounced below $32,000. At a time when
investors were expecting another leg up, it continued falling and
lost around $3,000 from its value in just hours. Investors started
to liquidate their assets, which further dropped the price to
$29,000. Bitcoin Is Bullish Again? At the time of writing this
news, BTC’s price has been fastly retaking its position above the
$31,000 level again. The previous sharp drop that came yesterday
resulted in BTC’s market cap reaching $565 billion, but the
cryptocurrency still had more than 46% dominance over altcoins.
Also, altcoins performed well in the market before the Bitcoin
price decreased aggressively. The second biggest coin by market
cap, Ethereum (ETH), hit significant gains, reaching its value near
$1,900. Benefiting from the BTC price booms, it managed to
regain its value to some extent and currently fluctuates above
$1,850 and is still down by over 8%. BNB, facing the U.S.
Securities and Exchange Commission (SEC) investigation over the
platform’s possible illegal sale of an unregistered security when
it launched its initial coin offering (ICO). BNB lost 9% of its
value following the BTC drop, bringing the BNB’s value under $300.
Polkadot, Solana, Cardano, and Avalanche followed similar drops.
Similarly, other cryptos that turned red with larger cap-alts
include Ripple, Tron, and Dogecoin. More digital assets that took
losses are THORChain, Aave, and many more. Related Reading |
Glassnode: Bitcoin Long-Term Holders Own 90% Of Supply In Profit
The crypto market cap has ultimately experienced a decrease of $80
billion in one day, bringing the figure to $1.2 trillion. Bitcoin
showed a positive correlation with equities. Nasdaq futures saw a
0.95% decline and Bitcoin plummeted to $29,000 from $31,700.
Featured image from Pixabay and chart from TradingView.com
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