Cryptocurrency market cap crashed further on Wednesday as Bitcoin and several other top crypto prices hit new lows. The global crypto market cap is now just $1.38 trillion, a 6.44% decrease in the last 24 hours. The Bitcoin price has again fallen below $31,000 level. At the time of this report, Bitcoin price was $30,621, which is nearly 5% decrease in the last 24 hours.
The crypto cart is still feeling the aftershocks of global economic turmoil and geopolitical qworries. Rising inflation, hawkish central banks and a plunge in trading volumes are hurting the crypto space.
Barring Terra and the dollar-pegged Tether, all major crypto tokens witnessed some gains. Shiba Inu rallied 9 per cent, followed by a 4 per cent rise in Solana. Avalanche, XRP and BNB gained 3 per cent each.
Bitcoin plummeted below the $30,000 levels on Tuesday, but regained its value to stand at $31,374.17 at the time of writing this article. Bitcoin price today was, however, down by 0.85 per cent in the last 24 hours, as per data from CoinMarketCap. On the other hand, Ether price today was standing at $2,386.08, up by 0.40 per cent in the last 24 hours.
“After a significant correction that led to Bitcoin plummeting below the $30,000, BTC appeared to have recovered back to edge above the $31K level as the market sentiment of fear cooled-off a bit. On the daily time-frame, the trend for BTC is on the verge of breaking below the long formed triangle pattern. The trend could bounce back from this support level. If, however, the chart breaks below the pattern, then the next support for BTC can be expected at $28,600,” said the WazirX Trade Desk.
In news, crypto assets bled nearly $800 billion in market value over the past month, touching a low of $1.4 trillion on Tuesday, as the end of easy monetary policy diminishes appetite for risk assets.
Bitcoin, which makes up for nearly 40 percent of the crypto market, hit a 10-month low earlier on Tuesday, before rebounding to $31,450, just six days after touching $40,000. It was more than 54 percent below its Nov. 10 all-time high of $69,000.
Bitcoin, the world’s biggest cryptocurrency, has tumbled 28 per cent this year so far. As per analysts and watchers, the Russia-Ukraine war and changing economic policies impacted the cryptocurrency market as investors flee to more stable havens.
Bitcoin hit an all-time high of $67,549.74 on November 09, 2021. The swing has been wild, with the range from May 2021 to May 2022 being a steep $68,789.63 at the highest to $28,893.62 at its lowest.
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