Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Crypto Crash Consumes Market as BTC, ETH, and BNB Bleed Hard

Published 04/12/2022, 10:06 AM
Updated 04/12/2022, 10:31 AM
© Igor Faun Crypto Crash Consumes Market as BTC, ETH, and BNB Bleed Hard

© Igor Faun Crypto Crash Consumes Market as BTC, ETH, and BNB Bleed Hard

  • The global cryptocurrency market value has dropped dramatically to -6.06%.
  • Bitcoin bled to more than -13% and continues to fall down.
  • Further, the dip deepens due to Investors selling crypto as the US tax deadline nears.

The cryptocurrency market cap has shrunk to almost $2 trillion. Ethereum, BNB, Bitcoin, XRP, Solana, Shib, LUNA, Dogecoin, and AVAX are among the tokens that have taken a comparable hit.

In just 24 hours the whole global cryptocurrency capitalization has dropped by a whopping -6.06%.

Bitcoin appears to have bled to -15.40% in under a week, and its price continues to fall after a day to -6.13%.

In addition, other tokens and crypto assets have taken a hit. For example, Ethereum is the market’s second-largest cryptocurrency. Since yesterday, the price of Ethereum has dropped by -6.84% to $2961.08. Meanwhile, the price of ETH has dropped by 15.75% in the last week.

BNB, the market’s fourth-largest crypto asset, has dropped 5.07% to $393.84 since yesterday. Overall, the BNB price has dropped 12.73% in the last week.

Yesterday, XRP, the market’s sixth-largest cryptocurrency, fell 6.37% to $0.698. In addition, XRP has dropped 15.69% in the last week.

Solana coin, the market’s seventh-ranked coin, saw its price drop by 10.41% to $99. In just one day. Solana has dropped to 25.02% in the last 7 days.

According to David Duong, Coinbase (NASDAQ:COIN) Global- Head of Institutional Research, the market has taken such a turn because some stockholders are selling cryptocurrencies ahead of the approaching tax deadline in the United States.

Since 2021, he claims to have noticed repeating trends. “We saw market participants selling digital assets to meet tax-related obligations last year,” he wrote in a recent note. He also said that some investors are nervous now that the Fed has hiked interest rates.

All in all, for some, the crypto market crash is worrisome, whereas others see it as an opportunity to buy more as the tokens take a dip.

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.