The announcement from Elon Musk and Tesla to stop accepting bitcoin payments resulted in massive price slumps in the crypto market as bitcoin lost more than $12,000 of value in a day to a low beneath $46,000. All altcoins followed suit, with Ethereum dipping to $3,600, and the market cap had lost roughly $500 billion at one point.
Bitcoin is trading just above $50,000.
Though bitcoin has failed to overcome $60,000 for weeks, the leading cryptocurrency was actually performing rather well lately. Just yesterday, BTC had reached a high of $58,000. At the time of writing, bitcoin is trading just above $50,000. However, it all changed after Tesla and Elon Musk announced that they would cease receiving bitcoin payments for their products and services. Somewhat immediately, the asset price slumped by $3,000, but that was just the start of it. In the following hours, the primary cryptocurrency kept falling to a low beneath $46,000.
The liquidations in the past 24 hours alone are worth almost $4 billion.
Since late February, Bitcoin nosedived by more than $12,000 in a day and plummeted to its lowest price level. According to Bybit, the liquidations in the past 24 hours alone are worth almost $4 billion. Somewhat expectedly, over 90% of them came from long positions. Despite recovering some ground and currently sitting above $51,000, bitcoin’s market cap dived well below the coveted $1 trillion lines. Furthermore, BTC’s market dominance also keeps sliding and is down to 41%. Following bitcoin’s fall, other altcoins also witnessed significant losses. Ethereum, the top gainer among the larger-cap altcoins, had just painted yet another all-time high of nearly $4,400.