Posted on Leave a comment

Bitcoin Slips Below $37K as Market Cap Loses $100 Billion in a Day (Market Watch)

Bitcoin’s latest attempt to decisively overcome $40,000 was again short-lived, and the cryptocurrency has retraced to $37,000. Most alternative coins have also failed to continue upwards as ETH has slipped below $2,600 and BNB struggles at $340.

Bitcoin Rejected at $40K Again

Although bitcoin recovered most losses from its most recent dump to $31,000, the asset has failed to produce any significant moves upwards in the past few days.

It all seemed to be going rather well on a few occasions when BTC jumped above $40,000 but, so far, to no permanent avail. As reported yesterday, the primary cryptocurrency had reached a five-day high of $41,000 but dropped somewhat rapidly by a few thousand dollars.

The asset spiked again to and beyond $40,000 yesterday upon news on Joe Biden’s plans to submit a $6 trillion spending budget proposal later this week. However, the bears halted this attempt as well and drove it back down to its current level of around $37,000.

Consequently, BTC’s market capitalization has also suffered and is down to $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

More Losses for the Altcoins

The alternative coins have mimicked their leader’s performance in the past few weeks, and the situation is somewhat similar in the past 24 hours. However, most have marked even more substantial losses than bitcoin.

Ethereum, which was close to reaching $3,000 just a few days ago, has dropped to below $2,600 after another 6.5% decline since yesterday. BNB (-6.5%) is down to $340, Dogecoin (-4.5%) trades at $0.325, Uniswap (-3.5%) is below $27, and Bitcoin Cash (-4.5%) struggles to remain above $700.

Furthermore, ADA (-8.5%), XRP (-9.5%), and LINK (-10.5%) have lost the most from the larger cap altcoins.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Nexo has dropped the most since yesterday from the top 100 following a 15% decrease. Enjin Coin (-15%), Polygon (-13%), Telcoin (-11%), Stacks (-11%), Revain (-10%), OMG Network (-10%), Aave (-10%), and Zilliqa (-10%) are next.

As such, the crypto market cap has lost another sizeable chunk of value and is down to $1.6 trillion.

Leave a Reply