Bitcoin Managed To Recover $40K Amid Wider Market Slump

Bitcoin managed to recover $40K amid the wider market slump and ETH also recovered a key level even as the global market cap dropped further overnight so let’s read more in today’s latest Bitcoin news.

BTC rallied to reclaim the $40K price point following a crash that saw it drop 15% in one day. At the time of writing, the leading crypto by market cap stands at $40,119 which is down by 4.7% on the day. ETH as the second biggest crypto by market cap reclaimed the psychological level of $3000 after dropping overnight and now stands at over $3000, marking a drop of 4.2%.

The crypto marekt remains in the red with the total market cap of the cryptocurrencies dropping to $1.86 trillion, marking a drop of 3.76% in the past day. Both BTC And ETH Are down by 13% in the past week and of the top 10 cryptocurrencies by marekt cap, ADA and SOL were hit the hardest and dropped by 6.4% and 5.9% respectively.

Bitcoin managed to recover while the speculation focused on its correlation with stock prices whcih could be an explanation for the crash. The BTC price correlation with the S&P 500 hit 0.49 in March while all three major US stock indexes ended in negative territory and the market fell in lockstep. One crypto that outperformed was Monero. The privacy coin is up by 8.9% in the day and 8.1% on the week and now stands at $244. some speculation around it was linked to sanction evasion. Last month, the US public policy nonprofit Brookings singled out Monero as a tool for criminals and noted:

“As the privacy protections of a given coin increase, so too does the likelihood it could be used as part of a sanctions-evasion scheme.”

However, this doesn’t seem to click well with the wider market as fellow privacy coins Dash and Zcash followed the market’s downward trend and are down by 4.2% and 9.0% on the day.

As recently reported, BTC clawed back to $40K tried to reclaim the $41,000 price range as support after the troubling start to the week which saw the pair hit three-week lows. The data from Tradingview showed the biggest crypto bouncing to $40,200 on Bitstamp after falling to $39,300. Spurred on the bleed-out in the tech stocks, Bitcoin looked quite pale on the short timeframes and those that bet previously on the bullish continuation were left empty-handed.