Bitcoin dips below $48K as $100B vanish from the Market Cap

Bitcoin BTC falls under 40000 Once Again Heres What Investors Can Do
Bitcoin BTC falls under 40000 Once Again Heres What Investors Can Do

Bitcoin dips below $48K as $100B vanish from the Market Cap – The adverse price developments in the crypto market continue for a second consecutive day, with bitcoin dropping below $48,000. Most altcoins have suffered even more with massive price dumps, and the crypto market cap has lost about $100 billion in a day.

Bitcoin Slid Below $48K

It was just two days ago when the primary cryptocurrency was riding high and charting multi-month highs. As reported on Monday, the asset broke above $50,000 for the first time since mid-May and went as high as $50,400.

However, it failed to continue upwards. Just the opposite, it started to lose value somewhat rapidly, lost the $50,000 mark, and kept dumping. In the past 24 hours, it went to $47,600.

BTC bounced off initially and added $1,000 of value in a matter of hours, but this attempt was short-lived. The bears came to play again and pushed the cryptocurrency south to its current level of below $48,000.

This enhanced volatility in the past 24 hours has caused pain for some leveraged traders. Bybt data shows that the liquidations within this time period have gone to over $450 million. The largest single liquidation order has taken place on Bybit. A user trading BTC has lost just under $5 million.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

Be the first to comment

Leave a Reply

Your email address will not be published.


*