$200B Erased From Crypto Markets As BTC Drops To 3-Month Low

$200B erased from the crypto markets as most coins drown in the red and Bitcoin drops by 10% to its lowest point since last September, as we can see more today in our latest Bitcoin news.

After consolidating around $47,000 for a few days in a row, Bitcoin jumped by double-digit percentages to a three-month low below $43,000. The altcoin space is deep in the red as the market cap lost $200 billion in one day. The past few days are quite untypical for bitcoin as the asset remained still around the $47,000 price point but a few exceptions came and disappeared when the bears halted the attempts to go higher, faster.

It all changed in the past 24 hours as BTC Stood near $47,000 again and then lost value rapidly. In a matter of a few hours, it dumped by $5000 and dropped to an intraday bottom of $42,500. The 11% daily drop means that Bitcoin reached its lowest point since September below $43,000 and it now added a few hundred dollars but it is still below this line. The market cap decreased to just over $800 billion with the correction coinciding with the similar price developments on the stock markets after a FED announcement in regards to the balance sheet. As it usually happens when BTC goes south, the rest of the altcoins follow.

Ethereum flirted with $3800 for a few days before the market-wide correction pushed the crypto down to the current price line below $3400 which marked a 12% daily decline. The rest of the larger cap altcoins lost similar percentages in one day and these include Binance Coin, Cardano, Ripple, Solana, Terra, Avalanche, DOGE, MATIC, and SHIBA. The situation with the lower and mid-cap altcoins is similar. Curve DAO dropped by 19%, Loopring by 18%, Compound by 17%, Axie Infinity also by 17%, Tezos by 16%, and SushiSwap by 16%. $200B erased from the market in one day means that the entire market cap of all digital assets is now just over $2 trillion.

Bitcoin’s adverse price movements over the past day maintained the coin below $47,000 while the most larger-cap altcoins are in the red as well. However, Fantom and NEAR went on a tear with a strogn 20% surge in price. Most larger-cap altcoins failed to produce any major price gains lately and Ethereum remains the prime example as it traded above $4000 a week ago. However, it started to drop in value gradually and now stands below $3800 after another drop by 1% from a day ago.