Crypto Markets Lost $50B as Bitcoin (BTC) Price Slides to $41K (Market Watch)

1 year ago 3

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Bitcoin’s price failed to over $43,000 during the weekend, and the subsequent rejection pushed it south hard to a 5-day low of just under $41,000.

The altcoins continue to retrace as well, with SOL dumping to $70, while Cardano and Avalanche have dropped by more than 5%.

BTC Down to $41K

Last Monday began with a massive price drop that drove the primary cryptocurrency down by over $3,000 in hours. A day later, the asset fell further to $40,250.

The bulls stepped up at this point and propelled an impressive leg up that resulted in shooting above $43,000 by Wednesday. The US CPI numbers and the subsequent FOMC meeting didn’t bring a lot of volatility in the middle of the week, but the Ledger vulnerabilities resulted in an immediate price drop to $41,500.

BTC managed to recover most losses and faced the weekend at around $42,000. It tried to overcome $43,000 on Saturday but failed hard. The rejection that followed drove it south to $40,750 hours ago.

As of now, bitcoin trades inches above $41,000, but its market capitalization has slumped to $805 billion. Its dominance over the alts, though, has taken a breather and is up to 52% on CMC.

Alts Keep Trading in Red

Most alternative coins have been sitting in red since the weekend, and the past 24 hours have been no different. Ethereum is down by 2% now and sits way below $2,200. Binance Coin (-1.5%) has decreased to under $240.

Even more daily drops come from Ripple, Dogecoin, Polkadot, and Polygon. Solana has lost 5% on the day and is down to just under $70.

Cardano and Avalanche have dropped the most from the larger-cap alts. ADA is down by 6%, while AVAX has seen 9% of its value erased and trades below $40.

The cumulative market capitalization of all crypto assets has shed $50 billion since yesterday’s high at $1.6 trillion and is down to $1.550 on CMC.