Global Stocks Markets Pullback While Bitcoin Dips To $40K: Analysis

The global stocks markets pullback over the weekend and the crypto space joined them by reaching new monthly lows. Bitcoin even went all the way down to $40,000 so let’s read more in our latest bitcoin news today.

Amid the growing uncertainty within the global financial markets, BTC slumped by a few thousand dollars in one day to over $40,000 but the alternative coin suffered even more with some huge double-digit price dumps. Very little can be seen of what transpired in the crypto market over the past 24 hours if analyses the weekend two days ago. The trading volume was minimal but BTC started riding high above $48,000 which was an 11-day high. As the fears of the Evergrande saga spiked on Monday as the cryptocurrency went down and in a matter of hours it lost a few thousand dollars and dumped to a new low of $42,500. it then managed to bounce off initially and reclaimed $44,000 but it was short-lived as the bears took back control and dumped the asset all the way down to $40,200.

This became a low point, maybe even the lowest since August as  Bitcoin recovered its ground and now stands above $43,000. The enhanced volatility led to more than $1.2 billion in liquidations over the past 24 hours as per ByBt and the losses were not only seen on the crypto market. The global stocks markets pullback as well but bitcoin did recover some ground and now stands above $43,000. the US financial markets on the other hand saw declining movements. The S&P 500 closed with a 2% drop and then quickly became the worst trading day since May. The futures contracts opened higher right before the FED meeting.

The alternative coins of the crypto space followed south and experienced even more price dumps. ETH was the leader in the adverse trend as it dropped from $3400 to $2800 which became the lowest level since August 6^th. ETH recovered about $300 of value and stands above $3000 while on a 24-hour scale, Binance Coin dropped 4%, Ripple dropped 2%, DOT dropped 4% and DOGE dropped 4% as well. Uniswap declined by 5%, Chainlink by 6% and they are still in the red. Cardano and Solana are the only ones that were in the green from the larger cap alts.

The OMG network and CELO have marked huge increases since a day ago with 27% and 17% respectively. NEAR, Cosmos, Decred, HUOBI, MDex, Perpetual Protocol, THORChain, Decentraland, and more were all in the red. The crypto market cap dropped below $1.8 trillion which meant a daily loss of more than $300 billion and $400 billion since Sunday.