Bitcoin has clearly seen better days, and they weren’t all that long ago. In fact, the cryptocurrency hit a high of $40,000 earlier this week, following the Fed’s announcement that interest rates will be raised by 50 basis points.
BTC retraced little after failing at $40,000, but held close to that level for the next 24 hours. The situation, however, took a turn for the worst at this point. Bitcoin dropped more than $4,000 in just a few hours, reaching a 10-week low of $35,600. (on Bitstamp).
It initially bounced back to near $1,000, but the bears maintained their momentum and pushed it south once more. As a result, BTC fell to a new multi-month low of $35,300.
The asset is currently trading below $36,000, with a market capitalization of less than $700 billion.
The LUNA Correction is Still Going On
Alternative coins were hit just as hard as Bitcoin yesterday, and the situation for most of them is similar today.
After another modest dip, Ethereum has fallen below $2,700, Solana is struggling to stay over $80, and Ripple, Cardano, Polkadot, and Avalanche have all seen daily drops.
Terra has suffered the most from the larger-cap altcoins. LUNA has dropped another 8% today and is now trading below $75.
TRON has gained the most from the larger-cap alts, aside from Binance Coin, Dogecoin, and Shiba Inu, which are modestly in the green. TRX is currently trading at $0.08, up more than 5%. Algorand and Monero, meanwhile, have risen by 8% and 6%, respectively, in response to yesterday’s slaughter.
The crypto market cap has dropped below $1.650 trillion, losing another $30 billion.
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