Over the past day, we saw $330B wiped off the market cap as Bitcoin saw its worst daily candle since May as we can see more in our Bitcoin latest news today.
Bitcoin’s day yesterday turned into the bloodiest day since May 19th and Right as El Salvador became the first country to acknowledge BTC as a legal tender, teh cryptocurrency lost more than $10,000 in value in less than a day. The law that turns BTC into a legal tender in El Salvador went into effect and many celebrated it as Bitcoin Day. Unfortunately, the celebrations were short-lived as the market saw $330B wiped off from the total market cap and BTC lost more than $7K in two hours. This brought the total daily losses to more than $10,000 turning it into the worst days for the coin since May 19th.
It’s worth noting that the cryptocurrency staged a recovery but it is currently trading around $45K which is still a huge loss from yesterday’s high of $53K. at the time of writing, BTC is trading below the key support level of $46,000 but the daily close was above it. It remains important to follow the price action closely and how it will perform in the upcoming days. As it is most of the time the case, the entire market tumbled after bitcoin’s crash which resulted in a loss of $330 billion that was wiped off the market cap.
Every single altcoin from the top 10 is now in the red on the weekly and daily charts with the exception of Solana which is down over the past day but still considerably up over the past week. The coin that lost the most is THETA that crashed by 31% on teh daily, followed by Filecoin and QTUM. Despite the bloodbath yesterday, some coins held their ground. For example, ALGO Is up 12% while NEAR is up by 10%. in any case, it remains very important to stay vigilant and prepare for a new volatility wave in the upcoming days.
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