Market Slumps Into Correction Territory As BTC And ETH Fall 5%

The market slumps into correction territory as both BTC and ETH dropped by 5% in the past 24 hours as we are reading more today in our latest cryptocurrency news.

Bitcoin dropped over 5% in the past day to retreat back below $30,000 and wipe off most of the recent gains. The leading crypto gave investors a little bit of hope at the start of the week after a new rally to reclaim the $30,000 on Monday before surpassing $32,000 the next day. It was the first time in weeks that BTC traded at these levels but it failed to keep the upward momentum and drop to an intraday low of $29,501 according to the data from CoinMarketCap.

At the time of writing, Bitcoin changed hands at $29,939 or down by 5% in the past day with the bearish action leading to about $155 million in BTC positions that were liquidated in the same timespan as per coinglass. It has been quite a rocky month for BTC and the rest of the crypto market with investors trying to assess their losses after the crash of Terra’s UST stablecoin and the LUNA token.

The leading cryptocurrency lost 22% of its value in the past month and the market cap dropped from $750 billion to $569 billion. Follwoing this pattern, the price of Ethereum dropped by 5.65% in the past day and the industry’s second-biggest crypto dropped to a daily low of $1,776 during the early hours while now trading around $1,823. The market slumps into correction and we saw other tokens like Solana dropping down by 12% in the past day after the recent bug on the network.

Other major layer-1 networks suffered huge losses as well with DOT being down by 8.65% in the past 24 hours while Cosmos and aVAX are also down by 8% each.

As recently reported, Bitcoin’s bullish price movement continued over the past day and hit a 20-day high of over $32,000 and most other altcoins calmed down ont eh daily scale with Cardano making double-digit surges. After a few weeks of downfalls, BTC marked a ninth consecutive week candle in the red and now it finally started regaining some traction. The asset stood calm at $29,000 after a few attempts of challenging the $30,000. The bulls stepped up and pushed it north but in a few hours, BTC broke the $30,000 level and kept on increasing to reach the $32,000 price point.