The cryptocurrency market has reportedly lost a staggering $40B in a matter of days, with Bitcoin’s price dwindling to $27,000. Altcoins have also experienced significant setbacks.
ATOM has seen the largest fall over the past 24 hours. Bitcoin has followed suit with a 2% drop to $27,000, after having resisted the market-wide price drops for a few days.
The dip in altcoins has negatively impacted the total market cap, which has dropped by over $40 billion within 2-3 days. Bitcoin experienced a rejection at $28,000 last Thursday, which pushed its value down to $27,200 almost immediately on Friday.
Despite a brief rise over the weekend, Bitcoin returned to just under $28,000 and began to lose ground on Monday. As of yesterday, it has fallen to a 10-day low of $27,000.
Other cryptocurrencies such as Ethereum, Binance Coin, and Ripple’s native cryptocurrency have also suffered declines. Ethereum traded close to $1,700 earlier this week but is now down to $1,550 after a 2% daily decline. Binance Coin is hovering around the $200 mark following a 1.5% daily drop. Ripple’s native cryptocurrency has plummeted below $0.5 after losing more than 3% of its value within the past 24 hours.
The total crypto market cap has seen $40 billion wiped off since the start of the business week and is now down to $1.050 trillion.
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