The entire cryptocurrency market is seeing a major decline again, as it erodes over $350 billion worth of investors’ wealth in the last 24-hours.
More so, The world’s two largest Cryptocurrency is seeing over 15% decline.
Consequently, The recent Cryptocurrency market correction is coming as Omicron Covid variant fear spreads across the global market. Also, the U.S. stock markets are also under pressure and are seeing much declines too.
Currently, Bitcoin (BTC) is trading at below $46,195 with its market cap slipping under $1 trillion for the first time in two months.
Additionally, The recent price decline in Bitcoin comes as the total balance in the Bitcoin accumulation addresses sees a sharp drop.
However, Cryptocurrency On-chain data provider Santiment says that Bitcoin exchange inflows is slowly outpacing the exchange outflows.
“Bitcoin exchange inflows have outpaced outflows significantly,..”
“as #FUD combined with a jump in #COVID19 concerns is causing traders to consider selling funds…”
“On Wednesday, there were 10,242 more $BTC moving on to exchanges vs. moving off exchanges”.
Lastly, the correction in the altcoin space is equally deep and harsh. Of course, this is as the world’s second-largest cryptocurrency Ethereum (ETH) is down by over 16% slipping under its crucial support levels of $4000. Currently, it trades at around $37,962.