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$300 Billion Evaporated From the Crypto Market Cap as BTC Slumps to a 7-Week Low (Market Watch)

Summary:
Bitcoin’s suffering has only intensified in the past 24 hours with a massive 10% dump to well below ,000. The alternative coins have it even worse with substantial double-digit price slumps, and the market cap lost roughly 0 billion in a day. Bitcoin Drops Below K It was less than ten days ago when everything seemed to be going in BTC’s way as the primary cryptocurrency had just painted its latest ATH record of ,000. However, the ever-volatile crypto markets turned the tides, and the asset started to lose momentum. This led to Sunday’s vigorous market crash in which bitcoin plummeted by ,000 in hours. After a few days of trying to regain some of the losses, the situation worsened in the past 24 hours. Reports emerged that US President Joe Biden is

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Bitcoin’s suffering has only intensified in the past 24 hours with a massive 10% dump to well below $50,000. The alternative coins have it even worse with substantial double-digit price slumps, and the market cap lost roughly $300 billion in a day.

Bitcoin Drops Below $50K

It was less than ten days ago when everything seemed to be going in BTC’s way as the primary cryptocurrency had just painted its latest ATH record of $65,000. However, the ever-volatile crypto markets turned the tides, and the asset started to lose momentum.

This led to Sunday’s vigorous market crash in which bitcoin plummeted by $9,000 in hours. After a few days of trying to regain some of the losses, the situation worsened in the past 24 hours.

Reports emerged that US President Joe Biden is contemplating a hefty new capital gains tax. Whether that’s the main reason or not is still unclear, but the crypto market initiated another significant price drop.

BTC went from a daily high of over $55,000 to an intraday low of $48,500 (on Bitstamp). This became bitcoin’s lowest price tag since early March. Moreover, the cryptocurrency’s market capitalization slumped to well below the coveted $1 trillion tag.

On the positive side for BTC, its market dominance has jumped to 51.6%, as most altcoins have suffered even more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

An Ocean of Red Among the Altcoins

As mentioned above, the enhanced volatility didn’t pass by the altcoins. Ethereum, which skyrocketed to a new all-time high less than 24 hours ago at over $2,600, has lost more than $400 and is down below $2,200.

Binance Coin (-16%) has nosedived to $480. Just for reference, BNB was trading high above $600 just a couple of days ago. Ripple (-24%), Cardano (-17%), Polkadot (-18%), Uniswap (-16%), Litecoin (-18%), Chainlink (-16%), and Bitcoin Cash (-20%) are also deep in red.

Even Dogecoin, which took the Sunday market crash rather well, is down by more than 30% to $0.20.

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

More losses come from DigiByte (-31%), IOST (-30%), Holo (-30%), Siacoin (-29%), Verge (-28%), BitTorrent (-27%), Ontology (-25%), Ravencoin (-25%), Theta Fuel (-25%), Chiliz (-25%), and many more.

Ultimately, the cumulative market capitalization dropped by about $300 billion in a day to below $1.8 trillion. On a weekly scale, the market cap has lost $500 billion.

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