Crypto

+$50B of Loses in The Crypto Markets as Bitcoin Dropped

The crypto market capitalization by more than $50 billion as BTC turned to red

After a calm weekend for most cryptocurrencies as the largest cryptocurrency Bitcoin (BTC) remained at around $23K, BTC went south and dropped to a 6-day low. Altcoins are also experiencing the same issue as they are trading in red with SOL, MATIC and ETH dipped by +5%.

Few days ago just on Wednesday, Bitcoin surged to more than $24K to record the highest price level in more than a month. As the bulls’ excitement was getting higher about the bringing down the $25,000 line prospect, however, the situation is changed.

The leading cryptocurrency lost more than $2K in a single day, where Tesla had sold off the majority of what it has of Bitcoin in the second quarter. The asset initially recovered some of what it lost and started the weekend at $23K, where it spent the next 2 days at the same day.

The bears took the leading again over the market after few hours and forced the asset to go south. As a result of that, BTC dipped by more than $1K to 6-day low of under $22,000.

As for the altcoins, they were at the highest during the week, where they stayed at this level in the past to days, but they lost it and started trading in red now.

The second largest cryptocurrency Ethereum (ETH) was the most gainer and performer, as it went from about $1K to more than $1,600 in a matter of days and stood at this level yesterday. By now, 5% daily decline has taken ETH to the north to record $1,500.

Polygon and Solana has lost about similar percentages in one day. Hence, MATIC sits at $0.8, while SOL at below $40. Moreover, other altcoins like Cardano, Polkadot, Dogecoin, Ripple, Shiba Inu and BNB are also trading in red. While Avalanche has dropped by more than 9% and its about to break below $20.

By the time of writing this article, Bitcoin (BTC) is trading at $21,024.94 in red.

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