Bitcoin Slides 6% Over The Past 24-Hours, Back Under $40K

Bitcoin slides 6% over the past 24-hours and got back under $40K again as we can see more in today’s latest Bitcoin news.

The price of Bitcoin slides 6% over the past 24-hours despite making some midweek gains with the global crypto market shedding $78 billion from its market cap. Bitcoin started the week at a discount with the Monday low bottoming out at $37,518 as per coinMarketCap. The world’s leading cryptocurrency rallied 20% over the past 48 hours to reach $45,077 and at that point, BTC was surging above the traditional markets such as the S&P 500 and the NASDAQ both of which flagged amid the global uncertainty poised by the Russian invasion of Ukraine. Bitcoin was trading at $42,480 with most of the gains erasing the 12hours after crashing to $38,806 or 8.6%.

Ethereum also got down and the second crypto by market cap dropped by 2.15% overnight and was trading at $2,645.

As earlier reported, Last week, the news was dominated by Russia’s attack on Ukraine and how BTC suffered the effects of the conflict. Bitcoin traded as low as $37,500 but then a midweek rally drove the prices up by 20% before the wave settled once the prices tumbled to $39,533 as of the time of writing. Bitcoin’s fast gains and losses leveled out and finished the week up by 0.78% while Ethereum had a bad time and fell over 4.3% to trade at a level of $2670.

Despite the bearish market sentiment, the total market cap dropped 2.1% overnight with most of the cryptocurrencies entering a weekend which changed nothing and brought no significant losses among the popular coins except for the 9% decline of Algorand. The token was trading at $0.77 as of the time of writing. However, some of the biggest winners were LUNA and NEAR which increased by 13% and 14% respectively.

Last week we saw, Bitcoin bulls saw no relief with the Wall Street Opening in as the $40,000 support appeared on the horizon with the data from Tradignview showed new March lows of $40,551 for the pair on Bitstamp that took two-day losses to 10.2%. The fears over the security of Ukraine’s nuclear infrastructure enhanced both the crypto and the traditional markets lower on the day with the S&P 500 after the EU Indexes to drop by 1.4%. Michael Van De Poppe explained how BTC declines along with the US Stocks.