Cryptocurrency Markets Lost $100M In One Day, BTC Dips To $41K

The cryptocurrency markets lost $100 million in one day as bitcoin with the rest of the altcoins went on a ride south so let’s read more in today’s cryptocurrency latest news.

Bitcoin’s adverse price movements continued with the asset sliding below the $42,000 price range with most of the other altcoins being in a gloomy sentiment as Ethereum, BNB, MATIC, AVAX, LUNA, and ATOM recieved some strong losses. It’s safe to say that the past few days didn’t go well for the main cryptocurrency as it spiked to just shy of $44,000 after the huge leg up. However, it failed to breach this level as the bears enhanced their grip on the market. BTC dropped to $43,000 before another price dump led it below $42,000.

While Bitcoin remained there for a while, it seemed that it could hold on to the level as the bears pushed it south once again. In the new few hours, BTC dropped to around $41,500 which was a weekly low. It bounced off to above $42,000 but then failed again and now sits below this level. As a result, the cryptocurrency markets lost $100 million in one day and slid to $800 billion. The alternative coins were hit hard as well. Ethereum traded above $3400 last week before the market-wide correction started driving south as in the past 24 hours alone, ETH lost more than 4% and sits over $3100.

Binance Coin dropped by a similar percentage and now has a hard time remaining above $460. More losses were evident from Solana, Cardano, Ripple, DOGE, SHIB, Polkadot, and Avalanche. The situation with ATOM, NEAR, TErra and Polygon are even more severe as most are down by double-digits. XRM dropped by 12%, FXS by 10%, OKB 10%, and AXS also in the red as it dropped by 10%. The crypto market cap is down by $100 billion in one day and it is just shy of $2 trillion.

As recently reported, Bitcoin traded in a tight range this past week which provided a relief to the market participants after the volatile start of the year and the crypto was mostly flat over the past 24 hours and up about 3% over the past week compared to the 5% gain in ETH. Some traders and analysts remained careful despite the recent price bounce off $40,000 earlier this week.