BTC Touches 2-Month Low As Digital Asset Market Sheds 70 Billion USD In A Day

Bitcoin took a massive hit in the last twenty four hours, plummeting by around two thousand dollars to chart a 2-month low under twenty thousand dollars.

The altcoins are in no better shape, with Ethereum, Dogecoin, Solana, Litecoin, Tron, and many others dropping by up to fifteen percent in a day.

The past couple of days did not go well for the primary virtual asset. Recently, it dropped from 23,500 USD to 22,000 USD as the Silvergate issues came to light. In spite of recovering some ground in the following days, it was not able to overcome the resistance zone at 22,500 USD.

The outlook was prompted to change mid-week as Fed Chair Jerome Powell spoke to Congress, which led to significant volatility. Nonetheless, Bitcoin stayed around twenty two thousand dollars.

However, the change that the bears wanted to see came yesterday as Bitcoin plunged from around twenty two thousand dollars to under nineteen thousand dollars. Thus, the digital asset charted its lowest price tag since 14th January.

As a consequence, BTC’s market cap has fallen to well under four hundred billion dollars. Its dominance over the alts has also taken a hit, dropping to over forty one percent.

Even more considerable losses come from the likes of Doge, Sol, Tron, Litecoin, Uniswap, and other representatives of the larger-cap altcoins. Notably, Huobi Token was among the poorest performers yesterday, as it even flash-crashed by ninety percent at one point.

The mid- and lower-cap altcoins are in a similar shape, with numerous double-digit plunges. As such, it is no surprise that the cumulative market capitalization of all virtual currencies has lost more than seventy billion dollars in a day. Apart from that, the metric has dropped all the way down to around nine hundred and twenty five billion dollars on Coinmarketcap.