Bitcoin Dipped Below $40K As Crypto Markets Erase $100B In One Day

Time Stamp: March 4, 2022 11:08 AM
Source Node: 1199110

Bitcoin dipped below $40K as the crypto markets erased $100 billion in one day and ETH dumped by over 5% as we can see more in our latest Bitcoin news.

BTC continued to lose value over the past 24 hours and dipped towards a five-day low of under $41,000 with the altcoins being in the red once again with some bigger price losses from ETH and Solana while ATOM is the only one in the green again. Bitcoin initiated the biggest daily candle in over a year by surging about $6000 and hitting $45,000 after the US and other Western nations said they will not get involved in the war in Ukraine.

btcusd
BTCUSD. Source TradingView

After that, BTC increased above the previously mentioned line briefly and registered a new 3-week high but it then failed to conquer the level with the bears returning to the scene. In the next few days, BTC started losing value and now Bitcoin dipped below $40K. Not it managed to reclaim some ground and stands above the level but it is still down by 4% on a 24-hour scale.

The market cap slipped below $800 billion and it is worth noting that the metric hit $850 billion a few days ago. The alternative coins charted a new monthly high but most reversed their trajectories and mimicked BTC’s performance. ETH is the prime example as the coin went up from $2200 to over $3000 in a few days but the rejection drove it south by $300. Solana lost the most from the larger cap altcoins after a drop of 7% and SOL now stands at $90 after surpassing $100. Cardano, Avalanche, Ripple, BNB, DOGE, and SHIB are also in the red.

Most losses came from Convex Finance, Humans AI, Helium, Uniswap, and Radix which dropped between 9% to 6%. The cumulative market cap of all digital assets dropped by $100 billion in one day.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As earlier reported, The total market cap of the crypto industry dropped by 4% amid Russia’s invasion of Ukraine. BTC dropped also by almost 4% over the past day and dropped from $44,000 to $41,100 early this morning. The leading crypto has since recovered some of the losses and it is trading at just over $41,600 as per the data from CoinGEcko. Ethereum is down by 5% after crossing the $3000 level on Thursday afternoon.

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