The market sheds $300 billion overnight as Bitcoin crashed by 10% as well and it’s all red across the market today so let’s read more in our latest cryptocurrency news today.
Bitcoin shed most of its gains over the past week while Ethereum and Solana are still in the green over the past week. Prices on the market started crashing on Tuesday with Bitcoin and the rest of the market seeing a 10% drop over the past day as per the data from CoinGecko. The combined value of the market dropped from above $2.4 trillion to $2.1 trillion with BTC itself falling below the $1 trillion market cap.
Today’s correction followed a full week of steady gains with a 16% increase in the market cap from august 30 to September 6 while at that time, Ethereum inched close to the ATH market and BTC surpassed the $50,000 mark again. Solana on the other handset a new ATH and its recent price surge continued. Solana is up 38% on the week and Ethereum is up by 2% but all of the BTC gains have been erased. Teh sudden shift in market sentiment could be attributed to a case of “buy the rumor, sell the news” type of thing related to the el Salvador anticiapted adoption of BTC as a legal tender which happened recently. Bitcoin’s price continued to climb over the weekend in anticipation of the action and reached new levels not seen since May’s market-wide crash.
Now that the day has come, Bitcoin is crashing and is taking most of the market with it as the market sheds $300 billion. BTC is now down 11% over the past 24 hours at a current price of $46,303. ETH erased 16% of its value over the past day and dropped to a price of $3311. it was brushing up against the $4000 level in the past few days including earlier this morning. Cardano as the third biggest crypto by market cap, got down by 20% over the past day and the steeper decline was driven by questions regarding the platform’s ability to handle smart contracts. ADA now sits at a price of $2.27.
However, other coins in the top 10 saw some steeper declines in the past day and binance coin got down to 23% to $385 while DOGE crashed by 23% and hit a price of $0.24. it is nearly all red today but remains to be seen how long the correction will last.
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