The bearish sentiments continue to dominate the cryptocurrency market with several double-digit price losses in almost all Currencies. This comes just hours after the US stock market crashed again.
The price of Bitcoin began to decline rapidly and fell to a six-month low of $34,349. This heightened volatility resulted in over $700 million in liquidation in just one day. Since its peak achieved in November’2021, Bitcoin has lost over 45% of its value.
The fall in the price of bitcoin coincides with the recent correction in the US stock market. The three major US stock market indices have been in the red in recent past many days. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite have fallen by 5% last week and about 2% on Friday alone.
Altcoins have been in the worst condition for the last two days. Ethereum broke the $3,100 mark on Thursday but has fallen below $2,350. This is after another 15% drop since yesterday.
Double digits decline appeared on alternate coins charts. This includes Binance Coin (-27%), Cardano (-16%), Ripple (-14%), Solana (-35%), Terra (-27%), Polkadot (-35%), Dogecoin (-32% ), Avalanche (-36%), Matic (-36%) and many others.
Other losses include Theta (-35%), PancakeSwap (-35%), Gala (-47%), Harmony (-45%), Loopring (-49%), Oasis Network (- 45%), Curve DAO token (-46%) and others.
Sentiments are expected to remain bearish in near term as Investors across various Asset Classes cover their losses and leveraged Liquidation subsides.
The cumulative market capitalization of all crypto Currencies has declined to just $1.59 trillion, marking $250 billion decline in a day and $400 billion in two days.
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