The cryptocurrency market has been experiencing dire conditions, with bitcoin plummeting to a multi-month low of around $57,000. The past few hours have been particularly brutal, with altcoins also facing massive losses. The total market cap has dipped by over $200 billion in just 36 hours, indicating a significant downturn in the market’s stability.
Bitcoin’s price trajectory in the past few days has been nothing short of turbulent. Initially heading towards $65,000 on Monday morning, the digital asset failed to breach that level and encountered a sharp decline to $62,000. Subsequently, another drop pushed it to a two-month low of $59,100. Despite a brief recovery, BTC took another nosedive, hitting slightly above $57,000 – its lowest price since February 28. The recent downward trend coincides with the upcoming US FOMC meeting, a factor known to introduce volatility in the cryptocurrency market.
Unsurprisingly, most alternative coins have mirrored bitcoin’s downward trajectory. Ethereum, which had initially surpassed $3,200 after the launch of Hong Kong spot ETFs, has now plummeted to below $2,900 – marking a decline of over $300. Binance Coin, on the other hand, dropped from $600 to $550, showcasing the widespread decline in the altcoin market. Other cryptocurrencies like SOL, DOGE, TON, SHIB, AVAX, BCH, NEAR, have also experienced double-digit losses in the wake of the market turmoil.
The cumulative effect of bitcoin’s decline and the subsequent fall of altcoins is reflected in the total crypto market cap, which has plunged to $2.240 trillion. This represents a staggering loss of over $200 billion since Monday morning, pushing the metric to its lowest point since February. The market turmoil and uncertainty surrounding the US FOMC meeting have further exacerbated the already precarious situation.
The cryptocurrency market is currently facing unprecedented challenges, with bitcoin and altcoins reeling from significant losses. The volatile nature of this market underscores the need for investors and traders to exercise caution and closely monitor developments to navigate these turbulent times effectively.
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