Elon Musk continues to drive volatility in the crypto market as bitcoin fell by ,000 in a day before it recovered ,000. Most altcoins are also deep in the red, with ETH dipping below ,500 and BNB beneath 0. Bitcoin’s 24H Wild Ride It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t that long ago as it traded above ,000 on May 12th. However, Elon Musk’s statement that Tesla had stopped receiving BTC payments for its electric vehicles caused massive disruptions immediately. In just a day, bitcoin nosedived by ,000 to a two-month low. Despite attempting to recover quickly, the asset stood beneath ,000 for a while before another engagement by Tesla’s CEO sent it south again. As reported earlier, bitcoin plummeted to a
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Elon Musk continues to drive volatility in the crypto market as bitcoin fell by $7,000 in a day before it recovered $3,000. Most altcoins are also deep in the red, with ETH dipping below $3,500 and BNB beneath $500.
Bitcoin’s 24H Wild Ride
It’s safe to say that the primary cryptocurrency has seen better days. In fact, they weren’t that long ago as it traded above $58,000 on May 12th. However, Elon Musk’s statement that Tesla had stopped receiving BTC payments for its electric vehicles caused massive disruptions immediately.
In just a day, bitcoin nosedived by $12,000 to a two-month low. Despite attempting to recover quickly, the asset stood beneath $50,000 for a while before another engagement by Tesla’s CEO sent it south again.
As reported earlier, bitcoin plummeted to a three-month low this time at just over $42,000 (on Bitstamp). The high fluctuations continued as the billionaire clarified that Tesla hadn’t sold any of its BTC portions, and the cryptocurrency added $3,000 of value in a matter of minutes.
These developments caused pain for traders as the total liquidations in the past 24 hours are $2.4 billion.
As of writing these lines, bitcoin stands around $45,000. Its market capitalization is close to dropping below $800 billion, while its market dominance sits at 40%.
Blood on the Altcoin Street
As it typically happens when there’s enhanced volatility with bitcoin, most alternative coins have followed suit. Ethereum led the adverse charge with a massive drop to $3,150 (on Bitstamp). Despite recovering some ground since then to $3,500, ETH is over $900 away from its most recent ATH registered earlier this month.
Binance Coin’s price drop brought it down to an intraday low of $485. Although BNB has bounced off, the asset is still 9% down on a 24-hour scale.
Cardano, which saw another record yesterday at $2,4, has declined by 8% and currently trades at $2.2. Ripple (7%), Dogecoin (-4%), Polkadot (-13%), Bitcoin Cash (-11%), Litecoin (-9%), Uniswap (-9%), and Chainlink (-10%) are also well in the red.
Further losses come from the lower- and mid-cap alts. Venus (-25%), Qtum (14%), Huobi Token (-12%), Stacks (-12%), Ontology (-11%), Stellar (-11%), Zcash (-11%), Bitcoin Gold (-11%), and OMG Network (-11%) are just a few of the double-digit losers.
The cumulative market capitalization of all crypto assets fell below $2 trillion for the first time in weeks. Despite recovering to $2.1 trillion as of now, the metric is over $400 billion down in five days.