Cryptocurrency markets dump $200 billion due to the latest bear-driven market bloodbath as we can see in the analysis of the altcoin news today.
The cryptocurrency market dump $200 billion that was wiped out over the past 24hours. The total market capitalization declined by 11% in a fall from $1.74 trillion to a new low of $1.55 trillion during the Tuesday morning Asian trading sessions. The sell-off resulted in $200 billion being wiped out of digital assets and back into fiat and this is the lowest that the market has fallen since May 30 and it looks like there is more pain on the way.
The lowest total market cap was on May 24 when it dropped to $1.46 trillion but markets are still 50% higher than they were at the start of 2021. the trader and technical analyst Rekt Capital blamed most of the market movements this year on Elon Musk and Tesla. There were no further incendiary tweets from the billionaire over the past that that will catalyze the current dump. The latest round of FUD seems to have come from regulatory fears in the US and the recent ransomware attacks put crypto in the spotlight again once lawmakers and politicians pointed fingers for use in criminal activities.
Bitcoin has fallen 9% on the day to $32,900 and the sharp drop resulted in almost $4000 being shaved off from the price of the intraday high of $36,700 as per CoinGecko. Crypto YouTuber Lark Davis pointed out that the death cross is inevitable:
“Bitcoin death cross closer by the day… and with the current price action it is seeming increasingly likely!”
The BTC fear and Greed Index is on its lowest level since March 2020 market crash and hovers around 13 at the time of writing. As per usual, the rest of the market is taking another beating than BTC as ETH Shed about 10% and fell to $2500 as it looks in danger of falling further to register lower lows. Binance Coin dumped 13% to fall below $350 and Cardano is now down 11% while DOGE is down by 13%. other altcoins that dopped include XRP, Uniswap, Litecoin, Chainlink, Solana, and more.
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