The crypto market keeps falling after the red charts dominated the week.
Briefly –
- The cryptocurrency industry opens the weekend with another massive sell-off.
- Bitcoin dropped toward $34,000, hitting a 6-month low.
- The current global climate had most assets bleeding within the past few weeks.
The global cryptocurrency market capitalization declined by 10.54% over the previous 24 hours, hovering around $1.61 trillion at this publication. Such downtimes affected Bitcoin and the overall crypto market.
Bitcoin Falls to $34K
The overall crypto spectrum witnesses free falls. Bitcoin kick-started the weekend with a dramatic fall after Thursday’s crypto crash. For now, Bitcoin saw a 7.6% loss since yesterday, testing the value area at $34,000 early today. While publishing this content, the bellwether crypto trades about 50% down from its peaks, hovering at $35,600. Remember, Bitcoin hit $34,000 last in 2021 July.
Meanwhile, the crypto sell-off affected many cryptocurrency assets. Ethereum lost 11% of its price, briefly dropping beneath $2,350. Solana dipped under $100, trading at levels never seen since 2021 August. Meanwhile, Layers 1 cryptocurrencies such as Avalanche and Terra also fell, losing 15.2% and 12.6%, respectively.
Early ETH decentralized finance coins also traded in the red. Aave declined by 15.3%, Uniswap by 14%, while Compound lost 15% of its value. Metaverse tokens dominated the marketplace late last year. However, the coins remained the most affected amid the latest market fall. SAND witnessed a 16.2% decline, while Axie Infinity and Decentraland lost 17.6% and 17.9%, respectively.
The recent drop followed the market crash that mimicked traditional market fall early on Friday. Leading tech stocks such as Amazon and Netflix witnessed negative actions towards the weekend. Netflix lost more than 20% on Friday after the firm unveiled that competitors ate its video streaming market share, leading to the worst 24hrs since 2012.
Amazon registered its lowest week since 2018 December, dropping by 5.595%. S & P 500, Down Jones, and NASDAQ Composite also plunged on Friday.
Indeed, assets in the crypto world have recorded downtrends since November. As lower cap assets attempted rallies within the past few weeks, BTC and ETH struggled to present substantial momentum since touching ATHs of $69K and $4.8K on 10 November, respectively. Meanwhile, the global market cap stays nearly 45% down from highs of more than $3 trillion, hovering around $1.6 trillion at this publication.
