Crypto Coins See Double-Digit Drops After Wall Street’s Bloodbath

Crypto coins see double-digit drops after the recent Wall Street bloodbath as the market continues to bleed out even now as we can see the biggest losses from BTC and ETH. In our latest altcoin news today, we are taking a closer look at the price analysis.

The bears continue to have complete control over the crypto market with plenty of double-digit price losses from all assets which come hours after the US stock market dumped in value once again. It is safe to say that the main cryptocurrency has seen some better days and in fact, they weren’t all that long ago when the asset jumped to $43,500 after a $1500 price hike. The situation changed dramatically a few hours later and BTC Started to dump in value dramatically and dropped to a six-month low of $38,250. this enhanced volatility resulted in more than $700 million worth of liquidations in one day.

BTC tried to recover and touched $39,000 but the bulls took another major hit and BTC dumped by $4000 reaching its lowest price line since July at $35,000. as the asset remains a few hundred dollars above this level, its market cap is down below $700 billion. Bitcoin’s price drop coincides with the recent correction on the markets. The three most prominent US stock markets indexes are in the red for the past few days and the Dow Jones Industrial Average, as well as S&P500, are all down by about 5%.

The altcoins are doing even worse in the past two days. Ethereum traded above $3100 on Thursday but it is down below $2500 and this came after another 15% drop since a day ago. The double-digit drops are evident across the charts. The crypto coins see double-digit losses including binance coin that dropped 20%, Ripple by 14%, Cardano by 16%, Terra by 30%, Dogecoin 14%, AVAX 22%, and MATIC which dropped by 20%. More losses came from Theta which dropped by 25%, Curve DAO that dropped by 25%. the cumulative market cap of all assets dropped to just over $1.6 billion which means the metric is down by $200 billion in one day and $400 billion.

As recently reported, The original meme coin got down by 81% from its all-time high back in May 2021 and it has continued its decline in value. DOGE drops to lowest price in nine months below $0.14 today and the coin that soared in price in 2021, is now down by 81% from its peak.

Source: https://www.dcforecasts.com/altcoin-news/crypto-coins-see-double-digit-drops-after-wall-streets-bloodbath/