2022-05-09 18:05:42
Bitcoin charted its lowest daily close since the summer of 2021. Most of the altcoins continue to suffer even more with massive price drops.
Bitcoin’s nosedives continued in the past 24 hours as the asset just doesn’t seem to stop losing value. Most altcoins are in a similar or even worse position, with massive price drops from Ripple, Solana, Cardano, Shiba Inu, Polkadot, and others. In contrast, NEAR Protocol is among the few gainers.
Bitcoin’s Dump to $33K
It was just four days ago when the primary digital asset had spiked to $40,000 following the latest FOMC meeting. Although it failed at overcoming this level, it stood close to it for several hours before the market outlook changed entirely.
In just a matter of hours, BTC dumped by $4,000 to a multi-week low (at the time) of $36,000. While that was a substantial price drop of its own, it wasn’t the end. As reported yesterday, bitcoin slid below $35,000 to chart a new local bottom – this time, the lowest since late January.
However, that was not all either, as the cryptocurrency fell once again to just over $33,000. This became its lowest daily close price since the summer of last year.
As of now, bitcoin still struggles around that level. As such, its market capitalization has taken another hit and is now down to $635 billion
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