Crypto Markets Lost $50 Billion as Bitcoin (BTC) Price Drops to $41,000 (Market Watch)

The price of Bitcoin failed to fall above $43,000 over the weekend, and the subsequent rejection pushed it sharply lower to a 5-day low of just under $41,000.

Altcoins also continue to decline, with SOL falling to $70, while Cardano and Avalanche fell by more than 5%.

BTC dropped to $41,000

Last Monday began with a massive price drop that pushed the premier cryptocurrency down by over $3,000 in just a few hours. A day later, the asset fell further to $40,250.

At this point, the bulls stepped up and mounted an impressive advance that saw the price break through the $43,000 mark by Wednesday. The US CPI numbers and the subsequent FOMC meeting did not bring much volatility in the middle of the week, but the ledger vulnerabilities caused an immediate price drop to $41,500.

BTC recouped most of its losses and stood at around $42,000 over the weekend. On Saturday, it tried to clear the $43,000 mark but failed badly. The subsequent rejection sent the price down to $40,750 hours ago.

Currently, Bitcoin is trading just above $41,000, but its market cap has fallen to $805 billion. However, its dominance over the alts has taken a breather and is up to 52% on CMC.

BTCUSD. Source: TradingView

Alts continue to trade in the red

Most alternative coins have been in the red since the weekend and the last 24 hours have been no different. Ethereum is currently down 2% and is well below $2,200. Binance Coin (-1.5%) has fallen below $240.

Even more daily drops come from Ripple, Dogecoin, Polkadot and Polygon. Solana has lost 5% on the day and is down to just under $70.

Cardano and Avalanche have lost the most among the larger altcoins. ADA is down 6% while AVAX has lost 9% of its value and is trading below $40.

The cumulative market capitalization of all crypto assets has fallen by $50 billion since yesterday's peak of $1.6 trillion and stands at $1,550 at CMC.

Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.

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