Cryptocurrency market hosts a scene like a horror movie today. Leading cryptocurrency Bitcoin is below critical level with 14% decline. We are seeing a similar collapse in Ethereum.
Bitcoin is at 14-week low
There is a carnage in the cryptocurrency market today and the coins most of them are like horror movie scene actors.
Leading cryptocurrency is at 14-week low. Bitcoin has dropped below a significant threshold of $40,000 for the first time since Feb.. We are witnessing the BTC price falling below $39,000 on some exchanges.
Crypto market carnage – Source: Coin360
The drop in Bitcoin also affected the rest of the market. Ethereum price also suffered a 12% collapse to the $2,900 level.. This is the lowest level it has recorded since the beginning of May.
Big loss in crypto market value
Cryptocurrency market’s total value also fell sharply. Total market capitalization peaked at $2.5 trillion on May 12.. With the latest declines, its market value has dropped to $1.7 trillion.
The latest in the cryptocurrency market The declines that have been experienced for a week continue. The decreases in BTC price were triggered by the statements of Elon Musk and Tesla. The news from China was effective in the continuation of the decline.. According to this news, three Chinese state organizations reiterated the country’s stance on the crypto ban that was introduced in 2017.. China will continue to ban crypto.
Bybt data shows that. $1 billion liquidated from all crypto futures longs in the last 12 hours. Half of them belong to Bitcoin long positions.
Related – Bitcoin ban expands, neighboring country was the last to join the ring