Bitcoin slips below $35K as market cap loses $100 billion in a day


TL;DR Breakdown

  • Bitcoin loses a couple thousand dollars, value drops to $35,000.
  • General cryptocurrency heat map red today.

The virtual currencies’ market capitalization has recorded a massive drop of $100billion in the last 24 hours. The largest virtual currency has fallen to $35K in the same duration. The other alternative coins have also recorded drops in their values in the last 24 hours.

The digital currency’s hopes of going beyond $40K were recently cut short, and the value of the most popular virtual currency has dropped to $35K. The second-largest digital asset is currently trading below $2.5K. Other alternative coins have also recorded a drop in their values, coloring the cryptocurrency heat map red.

Bitcoin slips below $35K as market cap loses $100 billion in a day 1

Source: coin360

Bitcoin rejected at $40K again

Despite the greatest virtual currency of all time signaling a rebound from the latest market crash that sent its value down slightly above $30K, the giant has been in the red in the past few days.

At the beginning of the week, all was good for the giant virtual asset. Its has value surged to $40 following a meeting by Elon Musk, CEO of Microstrategy, and American Bitcoin miners, which was fostered to reduce the fuel energy consumption of the bitcoin.

Yesterday, the most popular digital; asset hiked to above $41K before deviating by thousands of dollars.Bitcoin slips below $35K as market cap loses $100 billion in a day 2

Source: trading view.

The most popular digital asset rose again to $40K following the announcement of Biden’s administration on a proposal of a $6 trillion budget that will go up to 2030. Even though the price of the all-time high digital asset surged, it was not mentioned. The giant currency did not last at $40 for long; it dropped to $35 on Friday mid-day.

According to coindesk, the total bitcoin capitalization is $676.17B, a drop of more than $700 billion.

More losses for the altcoins

The alternative coins have recorded a downward trend in the last few weeks; this has also been witnessed in the last 24 hours. However, many of them have recorded more losses than the giant virtual currency.

The second-largest digital asset was almost hitting $3,000 in the last few days; however, it has dropped slightly below $25K, which is a  6% plus drop. BNB (-11.56%) is down to $328.42, joke coin(-8%) trades at $0.325, Uniswap (-3.5%) is below $27, and Bitcoin (-8.39%).

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