Over $200 billion were deleted from the market cap today as Bitcoin crashed below $33,000 in 24hours, while most other altcoins plummeted right after. Following the latest reports, we are reading more about the analysis in today’s crypto news.
It seems that the long-anticipated crypto correction ended up materializing over $200 billion which were deleted from the market cap. BTC dropped below $33,000 while most other coins had it worse with massive double-digit price drops. After the highly volatile and positive ten days of the year where BTC hit $40,000 for the first time ever, the cryptocurrency headed south. Over the weekend, BTC was going around the $40,000 price range again and hinted a new breakout but this situation changed over the last day as the bears took charge.
BTC dropped to $35,000 before it bounced off to $39,000 hours later. The price drops were not over since BTC lost even more value. Its intraday low came at $32,400 which marks a 24-hour price drop of $9000 from the high recorded yesterday. The asset recovered some of the losses and now trades at $35,500. One reason behind this development could be the giant banking institution HSBC that blocked transactions from crypto exchanges and for all UK investors.
As it usually happens during a massive correction, the altcoins had a bad time as well since most of them dumped by double-digit numbers. ETH is a few inches away from painting a new all-time high but then dropped by 17% to $1100 today. Ripple started recovering some of the losses after the SEC charges but it was hit again with a 20% decline which took the coin to $0.28.
Bitcoin Cash dropped as well by 20%, Binance Coin by 10$%, Chainlink by 17%, Cardano as well as Polkadot also by 17%, Litecoin by 21%, and Stellar by 20%, painting the market red. EOS crashed 30% once Dan Larimer announced he will be resigning as CTO from Block.one, the company behind EOS. More losses were recorded by Bitcoin SV which crashed 33%, Maker by 35%, Verge by 27%, Status by 28%, Band Protocol by 25%, Loopring by also 25%, and many, many more. The market capitalization of all cryptocurrencies plummeted by $200 billion to below $900 billion as well.
BTC and its smaller counterparts started trading sideways as of late with the bears trying to gain an edge over the bulls which slowly pushed the cryptocurrency lower. Where will the market trend in the near-term will depend largely on whether or not BTC is able to surmount $40,000 once again.
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