Bitcoin Drops $2K After Rejection at $40K, HK Hang Seng Dumps to a 6-Year Low

Bitcoin tried its hand at $40,000 but was stopped in its tracks and fell by nearly $2,000. Interestingly, this price decline came amid the substantial losses in Hong Kong’s benchmark index – Hang Seng – which dumped to a six-year low today.

BTC Rejected at $40K

The past several days were relatively calm for the primary cryptocurrency. It consolidated around $39,000 with just a few brief moves up and down.

As reported yesterday, the asset fell to $37,500 before it spiked back up to the aforementioned level. In the following hours, bitcoin went in the other direction and pumped to just under $40,000.

However, it failed once more and declined by more than $1,500 and currently sits at just over $38,000. As such, its market capitalization has dropped slightly to around $730 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

At the same time, Asian stocks experienced enhanced volatility as concerns emerged that Chinese firms could face scrutiny if the country helped Russia in its war against Ukraine.

The Hong Kong Hang Seng was the most substantial loser as it dropped by more than 6% to a six-year low. Its tech subsidiary – Hang Seng Tech Index – nosedived by double-digits in its worst trading day since its inception in 2020.

Altcoins on a Downfall

The alternative coins have mimicked BTC’s performance to a large extent. Ethereum challenged $2,700 days ago but failed to $2,600 yesterday, and another 3% decline has now driven it down to around $2,500.

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Ripple, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, and MATIC have produced similar daily price drops. Avalanche has lost the most as a 5% decrease has pushed AVAX to $66.

EGLD is among the few coins in the green today as the asset is up by 6.5%. As a result, it trades close to $150.

The cumulative market capitalization of all cryptocurrency assets has declined by approximately $50 billion since its peak hours ago and sits at $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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