BTC Plunges Below $42K With Crypto Markets Drop $250B Weekly

BTC plunges below $42K with crypto markets dropping by $250 billion on the week, turning red once again and seeing massive declines from DOT, NEAR and Terra so let’s read more in today’s latest cryptocurrency news.

BTC plunges below $42K once again as the bears pushed the asset to and below this level while most altcoins are also in the red with ETH dropping to $3100 and the total market cap got down to just over $1.9 trillion. It was a week ago when the number one cryptocurrency was trying to overcome the $47,000 but failed on both occasions but the asset started losing value and dropped to $45,000 a day later. The bears kept control of the market and pushed it south and BTC dropped to $44,000 before crashing to $43,000 which became the lowest point in two weeks. In the next few days, BTC remained stuck between these ranges but the inability to climb higher, only brought it more trouble and it dropped to $42,000.

It bounced off a few hours later and surpassed $43,000 but the bears came back and drove the coin south below the 2021 ATH of $42,000 where it is now situated at. The market cap slid below $800 billion for the first time in three weeks. The altcoins calmed a day ago and the recent price declines continued but the past 24 hours spelled more trouble ETH is down by 4% on the day and sits below $3100 and it is worth noting that the second biggest coin jumped above $3500 in a three-month high last week.

Solana, DOGE, Binance Coin, SHIB, and CRO retraced a little while Cardano and Ripple are down by 5%. most losses were evident from Avalanche which dropped 7%, Terra by 9%, and DOT by 8%. the cumulative market cap of crypto assets got down over $1.9 trillion which means that the metric shed $250 billion in a week.

The benchmark crypto was rejected at $48,000 and was unable to reclaim the previous highs. At the time of writing, the long BTC traders pile up as BTC trades at $43,100 with a 1% and 5% loss in the past day and last week respectively. The data from Material indicators recorded little support for the BTC price as it moves in a tight range between the $42,000 and the $43,500 levels with Bitcoin losing the bid orders that can absorb the future downside price action.