Friday, December 9, 2022

Cryptocurrency Markets Lost $80B As BTC Drops To 40-Day Low

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Cryptocurrency markets lost $80 billion as Bitcoin dropped to a 40-day low and most altcoins registered new price drops as we are reading more today in our crypto news today.

The cryptocurrency market lost $80 billion as Bitcoin failed to reclaim $40K and took another hit to its lowest price point in over a month. The coins are also in bad shape as ETH slid to $2800 and Solana broke below $100 as well as many other examples. It is safe to say that the past several days didn’t go well for the main cryptocurrency and it all started when the asset tried to take down the $43,000 price point but failed its tracks.

btcusd
BTCUSD. Source TradingView

The rejection propelled by the bears pushed it south again and BTC found itself dropping below $40,000 hours later. However, it was not all about the adverse price developments that continued. BTC slipped below $40,000 for the second time in a week and tried to recover above this level but got rejected once again. It dropped to $39,000 before going furhter down to over $38,000 a few hours back and this became the lowest price tag since March 15 it reclaimed a few hundred dollars but is still more than 3% down on the day.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

The altcoins had a similar correction path last week before calming down over the weekend and the situation is still dire with red dominating on all charts. Ethereum lost the coveted $3000 line over the past few days and was unable to reclaim it ever since. The 5% decrease on a daily scale pushed the altcoin to around $2800 as of now. Binance Coin lost a similar percentage in one day and is down to $385 while Solana is below $100 after the 6% drop. Ripple dropped by 8%, Terra by 2.5%, Polkadot by 9%, and DOGE by 7.5%. The crypto market cap is down by another $80 billion in one day and struggles below the $1.8 trillion.

As recently reported, Bitcoin Cash and Ethereum Classic dropped by 8% and most of the leading coins stagnated this week with some minimal adoption of crypto. Compared to the past two weeks, the losses slowed down as bitcoin goes back below $40K and dropped by 2% to trade at $39,629 while ETH dropped 2.7% to $2960 which is below the critical threshold.

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