Monday, December 5, 2022

BTC Dumps Below $40K As Crypto Markets Lost $80B In One Day

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BTC dumps below $40K as the entire crypto market lost $80B in one day after a few days of consolidation so let’s read more today in our latest Bitcoin news.

BTC dumps below $40K to a new monthly low after a period of consolidation and the rest of the altcoins are also in the deep red today while ETH dropped below $3000 and even some bigger losses were seen from Solana, Cardano, Terra, and DOT. The past few days were calm on the altcoin market with almost no substantial price movements but today, the situation is quite different. ETH leads the trend with a price decline of 5% and as a result, the second biggest crypto dropped below $3000 for the third time in a month.

btcusd
BTCUSD. Source TradingView

Binance Coin struggles at $400 after an increase of 3.5% and just until yesterday, BNB was close to $420. some bigger drops came from Ripple which declined by 6%, Solana by 5.5%, and Cardano by 7% but also, Terra, dOT, and DOGE dropped by nearly the same percentages. More losses were evident from the smaller cap coins like Filecoin which dropped by 11%, waves by 10%, KNC by 11%, and EOS by 10%. The crypto market saw $80 billion deleted from the market and the metric is now down to $1.8 trillion.

Following the weekly enhanced volatility where BTC fell from $45,000 to around $40,000 and the asset calmed around the latter. BTC Stood just above $40,000 and took a swing at $41,000 but to no avail. The bears came out to play and pushed the coin south and as a result, BTC dumped below $40K for the second time in the past ten days and kept on losing value. BTC then dumped to $38,600 which became the lowest price point since March 16 and it stands a few hundred dollars north but the marekt cap declined to below $750 billion.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, The Easter consolidation continues as BTC remains stagnant near $40K and Filecoin is among the few that has a substantial price movement on the daily scale adding 1%.  It was over ten days ago when the main crypto failed at $47,000 and started a gradual descent. In a few days, the asset found itself dropping below $45,000. BTC also lost its January ATH of $42,000 before the situation got worse and at that point, BTC dumped below the coveted $40,000 for the first time in a month.

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