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$200 Billion Evaporated From Crypto Markets as Bitcoin Drops to 3-Month Low (Market Watch)

$200 Billion Evaporated From Crypto Markets as Bitcoin Drops to 3-Month Low (Market Watch)
Written by publisher team

After consolidating around $47,000 for several days in a row, bitcoin has shed double-digit percentages in the past 24 hours to a three-month low under $43,000. The altcoin space is also deep in the red with the entire market cap losing $200 billion a day.

Bitcoin drops sharply

The past several days have looked quite atypical for Bitcoin as the asset has held relatively flat around the $47,000 mark. Some exceptions appeared and disappeared quickly when the bears stopped each attempt to rise fairly quickly.

However, everything has changed in the past 24 hours. With BTC standing at around $47,000 again, it is rapidly losing value. Within hours, it sank more than $5,000 and sank to an intraday low of $42,500.

This 11% daily drop means that BTC reached its lowest level since September 30, below $43,000. So far, he’s added a few hundred dollars, but it’s still less than that particular streak.

Furthermore, its market capitalization has fallen to just over $800 billion. This correction coincided with similar price developments in the stock markets after the Federal Reserve’s announcement regarding its balance sheet.

BTCUSD. Source: TradingView

Altcoins see nothing but red

Just as it generally happens when BTC heads south strongly, so do altcoins. Ethereum plunged $3,800 for a few days before a market-wide correction drove the second largest cryptocurrency to the current price line below $3,400, implying a 12% daily drop.

The rest of the larger cover plates lost similar proportions in one day. These include Binance Coin, Solana, Cardano, Ripple, Polkadot, Terra, Avalanche, Dogecoin, Shiba Inu, and MATIC.

The situation with substitutions with low and middle caps is absolutely identical. Curve DAO Token (-19%) leads the way, followed by Loopring (-18%), ICP (-18%), Axie Infinity (-17%), Compound (-17%), Tezos (-16%), Sushi Swab (16%) and many more.

In the end, the cumulative market capitalization of all digital assets lost nearly $200 billion per day, and the scale fell to just over $2 trillion.

An overview of the cryptocurrency market.  Source: Quantify Crypto
An overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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