CRYPTO NEWS - Bitcoin Drop to 42k And Recovered to 48k
CRYPTO NEWS - Bitcoin Drop to 42k And Recovered to 48k
0:12 Intro
01:45 Crypto News
03:17 Bitcoin News
05:48 Crypto Market News
07:15 Bitcoin technical analysis
09:24 Outro
Bitcoin fell to 42 thousand dollars
A lot can change in a single day in the cryptocurrency market. As recently as 24 hours ago, the most bearish argument for bitcoin was that it was unable to decisively cross the $59,000 mark despite three attempts in a week.
However, as the asset prepared for another rise to that line, the bears began to play big. The major cryptocurrency began to fall hard in value. First it fell to $51,000, which amounted to a day's drop in price of $8,000, but that wasn't the worst of it.
A few hours later, BTC fell to $42,000 (on Bitstamp), the lowest price point since late September.
After such a massive $16,000 collapse in one day, BTC has recovered its position, but its price is still down 17% for the day at around $47,000.
Altcoins See Nothing but Red
As it typically happens when BTC dumps hard, so do the altcoins. Ethereum, for example, went from a daily high of $4,670 all the way down to $3,500. After this massive dump, ETH has now stalled below $3,900 and is 15% down on the day.
The situation with the rest of the alts is similar, if not worse, as double-digit price drops are evident left and right.
Some of the examples include Binance Coin (-13%), Solana (-18%), Cardano (-20%), Ripple (-26%), Polkadot (-25%), Avalanche (-15%), Terra (-20%), Dogecoin (-25%), and Shiba Inu (-15%).
With almost all lower- and mid-cap alts also in such an adverse state, the cumulative market cap of all assets dumped from above $2.6 trillion to just over $2 trillion on CoinMarketCap. As of now, it's around $2.2 trillion, which still means a $400 billion decline in a day.
0:12 Intro
01:45 Crypto News
03:17 Bitcoin News
05:48 Crypto Market News
07:15 Bitcoin technical analysis
09:24 Outro
Bitcoin fell to 42 thousand dollars
A lot can change in a single day in the cryptocurrency market. As recently as 24 hours ago, the most bearish argument for bitcoin was that it was unable to decisively cross the $59,000 mark despite three attempts in a week.
However, as the asset prepared for another rise to that line, the bears began to play big. The major cryptocurrency began to fall hard in value. First it fell to $51,000, which amounted to a day's drop in price of $8,000, but that wasn't the worst of it.
A few hours later, BTC fell to $42,000 (on Bitstamp), the lowest price point since late September.
After such a massive $16,000 collapse in one day, BTC has recovered its position, but its price is still down 17% for the day at around $47,000.
Altcoins See Nothing but Red
As it typically happens when BTC dumps hard, so do the altcoins. Ethereum, for example, went from a daily high of $4,670 all the way down to $3,500. After this massive dump, ETH has now stalled below $3,900 and is 15% down on the day.
The situation with the rest of the alts is similar, if not worse, as double-digit price drops are evident left and right.
Some of the examples include Binance Coin (-13%), Solana (-18%), Cardano (-20%), Ripple (-26%), Polkadot (-25%), Avalanche (-15%), Terra (-20%), Dogecoin (-25%), and Shiba Inu (-15%).
With almost all lower- and mid-cap alts also in such an adverse state, the cumulative market cap of all assets dumped from above $2.6 trillion to just over $2 trillion on CoinMarketCap. As of now, it's around $2.2 trillion, which still means a $400 billion decline in a day.
