After the relatively quiet weekend, when BTC was mostly around $23,000, the asset plunged south and fell to a 6-day low. Altcoins are also deep in the red today, with ETH, SOL, and MATIC plunging more than 5%.
Bitcoin slips below $22,000
It was just days ago – last Wednesday – when bitcoin surged above $24,000 to mark its highest price in over a month. As the bulls grew more enthusiastic about pushing the $25,000 line down as well, the picture changed.
The Cryptocurrency Lost Over $2,000 In One Day When News Reported Tesla Had sold on most of its BTC holdings in the second quarter. Initially, the asset recovered some ground and entered the weekend at $23,000, where it spent most of the next two days.
However, the bears regained control of the market a few hours later and pushed BTC hard south. As a result, the cryptocurrency fell over $1,000 and fell to a 6-day low below $22,000.
At present, bitcoin is still struggling there and its market capitalization has fallen to $420 billion.
Altcoins in red too
Alternative coins have been flying high for the week, stagnating for the past two days, but are now deep in the red.
Ethereum was among the most impressive performers. It went from $1,000 to over $1,600 in days and stood there yesterday too. Now, however, a 5% daily decline has taken the second-largest crypto to just north of $1,500.
Solana and Polygon lost similar percentages in one day. Therefore, SOL is below $40, while MATIC is at $0.8.
BNB, Ripple, Cardano, Dogecoin, Polkadot and Shiba Inu are also in the red now. Avalanche has fallen almost 9% and is on the verge of breaking below the $20 mark.
The situation with low and mid cap alts is similar. As such, it is no wonder that the overall crypto market cap lost $50 billion in one day. The metric now stands at just over $1 trillion.
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