Friday, June 2, 2023

Crypto Markets Erased $130B As BTC Dumps To 2-Month Low

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Crypto markets erased $130B as Bitcoin dumped to a 2-month low, a level not seen since early March so let’s read more today in our latest cryptocurrency news.

Bitcoins continue to lose value and dropped to a two-month low of over $37,000 and the altcoins are also in the red with some notable price losses from Cardano, Solana, Terra, DOT, and others. It is safe to say that the primary cryptocurrency has seen better days and they were not all that long since BTC neared $41,000 a week ago but was rejected in the tracks. The crypto markets erased $130B as BTC dumps to a 20month low but the asset reacted well and went on the offensive again this time it spiked above $40,000 but failed to continue upwards.

BTCUSD. Source TradingView

Bitcoin started losing some ground and fell below the coveted $40,000 line, dropping to $38,000. the situation got worse in the next 24 hours as BTC dumped below $37,500 which happened to become the lowest price tag since early March. As of now, BTC regained some traction and stands near $38,000 with the market cap dropping to $720 billion. The alternative coins are also in a bad shape today with ETH riding high a few days ago and standing above $300.

The broader bearish market sentiment pushed the second biggest crypto south and ETH stands below $2800 after a drop of 2%. Binance Coin was sitting above $400 until recently but it was down to $380 and Ripple, Terra, Solana, Cardano, DOGE, Avalanche, SHIB are also in the red. ApeCoin lost the most in a day by 30% after the sale of the BAYC Otherside. Kava, Fantom, Zilliqa, Filecoin, DEcentraland, The Sandbox, and Harmony declined by double digits. The market is down to $1.7 trillion which means that the metric has seen $130 billion gone in two days.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As earlier reported, The coinbase NFT marketplace was long-anticipated but now it is fully live and only a few can access it which led to a few sales in the first week. The platform saw a little over 900 total transactions and amounted to 104.5 ETH in volume traded. A third of this volume occurred on Thursday with the Coinbase NFT market seeing $100,000 in volume in one day. According to dune Analytics data, there are about 681 total users on the paltform and including 282 unique sellers and 464 unique buyers but since the launch, the site added another 100 new accounts each day.

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