Cryptocurrency Market Loses $80 Billion as Bitcoin Falls to 40-Day Low
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Answer Cryptocurrency Market Loses $80 Billion as Bitcoin Falls to 40-Day Low
After failing to recover the $40K level, Bitcoin took another hit and fell back to its lowest price point in more than a month.
Altcoins are also in disrepair, especially with Ethereum slipping to $2800, Solana dropping below $100, and many other examples.
Bitcoin drops to $38,000:
The past several days have not gone well for cryptocurrencies.
It all started on April 21st when Bitcoin tried to get his hands on the $43,000 level but failed in his attempt.
The subsequent refusal pushed the coin price down $40,000.
This was not all, especially with the continued negative developments in prices.
Read:Ripple and in partnership with SBI VC Bank begin distributing XRP coins as gifts to bank users
As we noted over the weekend, bitcoin fell below $40,000 for the second time in a week.
Bitcoin tried to recover above this level but was rejected again.
As such, the bitcoin price dropped to $39,000 before dropping to just over $38,000 a few hours ago.
This became the lowest price for Bitcoin since March 15th.
So far, bitcoin has recovered a few hundred dollars, but it’s still down more than 2% lower in the last 24 hours.
Altcoins in dark red:
Altcoins went through a similar correction late last week before calming down over the weekend.
Today, most altcoins are in a very dire situation, with red dominating almost all charts.
Ethereum lost the coveted $3000 level a few days ago and hasn’t been able to get it back since.
A decline of 2.3% on a daily basis has pushed the largest altcoin to around $2,800 so far.
Binance Coin lost a similar percentage in one day and fell to $392.
Solana price dipped off the $100 support level after a 4.4% drop.
As a result, the cryptocurrency market cap has fallen by about $80 billion today and is still struggling under $1.8 trillion.
Read:Bitcoin (BTC) Trading Volumes Set a New Record
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