Crypto Market Lost $400B in 4 Days, Bitcoin Saw Lowest Daily Close Since July 2021

Crypto Markets Lost $400B in 4 Days

Following the most recent FOMC meeting, Bitcoin soared above $40,000 just four days ago. Although it failed to break through this barrier, it remained near to it for several hours until the market’s mood completely shifted.

BTC dropped by $4,000 in only a few hours, hitting a multi-week low of $36,000. While it was a significant price drop, it wasn’t the end. Bitcoin fell below $35,000 yesterday, marking a new local low – the lowest since late January.

However, that was not all, as the cryptocurrency dropped to just over $31,500 once again. Since the summer of last year, this is the lowest daily close price.

Bitcoin is currently struggling around that level. As a result, its market capitalization has dropped to $607 billion.

Most alternative coins have been in freefall over the previous several days. Many made their own multi-month lows.

Ethereum hit $3,000 earlier this month, but has subsequently dropped nearly $700. In the last 24 hours, the second-largest cryptocurrency has dropped 7.5%, bringing it far below $2,327.

BNB is presently trading at $319, down from almost $400 less than a week ago. Terra and Dogecoin have both dropped by comparable amounts. Ripple, Solana, Cardano, Polkadot, Avalance, and Shiba Inu have all seen significant price drops.

NEAR Protocol is one of the rare outliers, with a 1.57% price rise. As a result, NEAR is above $10.

Despite this, the total market capitalization of all crypto assets has dropped to over $1.4 trillion. This statistic has seen roughly $400 billion disappear in four days.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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