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Bitcoin Recent Drop Below $30K Decreased $80 Billion From Crypto Market

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As the effects of the recent bloodbath in the crypto market began to fade, young bitcoin hit around $32,000 after a long time yesterday. But then again, he couldn’t stay above $30,000.

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After nine red weekly candles, BTC retested. $31,700 in the first green week on June 06 and then dropped sharply in the next 24 hours to $29,000. Luckily, the price of BTC is rising again and is currently trading above $31,000. The fall of the young coin causes altcoins to also face a dump, which mainly affects the prices of SOL, AVAX and BNB.

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Prices for Continuos are falling, which is almost abandoned the asset more than 6% meant that investors were taking profits after a long bearish trend.

In the previous uptrend of BTC prices in the last days of May, Bitcoin bulls pushed the price up to $32,000 from $30,000. The day after hitting a new high, BTC fell again by about $29,000 the next day.

Again, after seeing an uptrend in price over the past few days, the digital asset began to lose its value on June 07. However, the price of BTC remained above and below $30,000 on the previous weekly green candle.

As the latest downtrend began, the value of Bitcoin fell below $32,000. At a time when investors were expecting another rise, it continued to fall and lost about $3,000 of its value in just a few hours. Investors began liquidating their holdings, pushing the price further down to $29,000.

BTCUSD_
The price of bitcoin continues to rise sharply and is now trading above $31,000. | Source: BTC/USD price chart from tradingview.com

Bitcoin bullish again?

At the time of this writing, the price of BTC was once again rapidly returning above the $31,000 level. The previous sharp drop that happened yesterday took BTC’s market cap to $565 billion, but the cryptocurrency still held a more than 46 percent lead over altcoins.

In addition, altcoins performed well in the market before the price of bitcoin plummeted. The second-largest coin by market capitalization, Ethereum (ETH), has experienced significant growth, reaching its value of around $1,900.

Capitalizing on the BTC price boom, it has managed to recover its value to some extent and is currently hovering above $1,850 and still down over 8%.

BNB faced an investigation by the US Securities and Exchange Commission (SEC) over a possible illegal sale of an unregistered security platform when it launched its Initial Coin Offering (ICO). BNB lost 9% of its value after the BTC crash, causing the value of BNB to drop below $300.

Similar drops were followed by Polkadot, Solana, Cardano and Avalanche. Similarly, other cryptocurrencies that have turned red with higher cap values ​​include Ripple, Tron, and Dogecoin. Other digital assets that suffered losses are THORChain, Aave and many others.

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The market capitalization of cryptocurrencies eventually decreased by $80 billion in a single day, bringing the figure to $1.2 trillion. Bitcoin showed a positive result correlation with shares. Nasdaq futures fell 0.95% and bitcoin dropped to $29,000 from $31,700.

Featured image from Pixabay and chart from TradingView.com



Credit : www.newsbtc.com

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