Key Takeaways:
- Today, Bitcoin crashes again by 6.7% and is trading at $36,395.
- The downward trend continues for other tokens as well.
- The market is suffering a loss of over $1 trillion.
Since yesterday, Bitcoin has been following a downward trend, and the exemplifications are piling up rapidly. The market has again crashed earlier today, and statistics refer that Bitcoin has dropped by 15.2% in the last seven days. According to CoinCodeCap Markets, the digital asset is currently trading at $36,395.83.
Since November high, the most prominent digital asset, Bitcoin, started declining, and this phenomenon has wiped out more than $600 billion in market value. The total market loss has been over $1 trillion. Though there has been much worse depletion for both Bitcoin and the whole market, Bespoke Investment Group has marked this as the second largest one in terms of dollars for both.
The Federal Reserve’s move of withdrawing stimulus from the market caused global riskier assets to suffer. It triggered Bitcoin’s downfall, and the asset has lost 12% since Friday and has hit its lowest since July. Bitcoin has lost over 45% of its value since November. Yesterday’s numbers showed that Bitcoin has plummeted by 8.2% this week and traded at $38,881.48.
Other tokens are suffering simultaneously. Ether has gone down by 0.3% and is trading at $2578.65. Dogecoin has fallen by 5.6%, Shiba Inu by 14.6%, Binance Coin by 10% in the last 24 hours. They are currently trading at $0.143166, $0.00002216, and $384.37 respectively.
Referring to Bitcoin’s bearish trend, The Wolf of All Streets, Scott Melker tweeted, “If you could chart a bad case of herpes, it would probably look something like this.”
