The entire crypto market loses $100 billion in a day as bitcoin slumps to its weekly low.

The entire cryptocurrency market capitalization is down by $100 billion in a day as bitcoin slumped to its weekly low of below $63,000.

The bears continued to push bitcoin south in the past 24 hours, and the asset dropped to a weekly low of just over $62,000. Most altcoins are also in the red, with Litecoin losing the most value in a day. Just a few days ago, the leading cryptocurrency broke its previous ATH two times in a row, and the latest peak came at $69,000.

 

Bitcoin lost more than $6,000 of value to an intraday bottom of $63,000.

As bitcoin was expected another run up to $70,000, the entire landscape changed. Instead of going upwards, bitcoin nose-dived straight south. In just a matter of hours, bitcoin lost more than $6,000 of value to an intraday bottom of $63,000. It bounced off initially and went above $65,000, as reported yesterday. However, this price increase was also short-lived, and the bears drove it downwards once more. This time, the cryptocurrency fell to $62,300, which was the lowest price point since November 7th. At the time of writing, bitcoin is trading just above $63,500. 

 

Major altcoins also see red. 

Major altcoins that have enjoyed a decent run this season are also in red right now. Ethereum tapped the latest all-time high a few days ago at nearly $4,900. Since then, though, ETH has lost roughly $300 and currently struggles to remain above $4,600. Solana also reached a new peak recently at $260, but it’s down to $225 as of now. On a 24-hour scale, Ripple, Polkadot, and Dogecoin are also slightly in the red, while Shiba Inu has lost more than 3% of the value and stands at just over $0.00005.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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