Crypto Correction Continues as Bitcoin Dives Below $44K (Market Watch)


The cryptocurrency market has taken a u-turn in the past couple of days as prices tumble across the board. Most assets are trading well in the red, with BTC crashing below $44K.

Bitcoin Price Dips Below $44K

The past few days haven’t been particularly rewarding for cryptocurrency holders as the prices have dipped across the board.

Bitcoin even reached a daily low of $42,727 on Binance before bouncing a bit and recovering above the $43,000 mark, where it’s currently trading around $43.5K.

img1_btchcart
Source: TradingView

With this in mind, the cryptocurrency has lost a total of 7.5% in the week, albeit the majority of this came in the past two days.

It’s also worth noting that the past 24 hours alone saw almost $100 million worth of liquidated BTC positions where, naturally, the majority are longs, representing over 82% of the total liquidations according to data from Coinglass.

Altcoins Painted Red

The overwhelming majority of altcoins are trading well in the red, as seen in the below heatmap. This has resulted in a considerable loss of market capitalization across the board as the total market shed some $90 billion in the past 24 hours.

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Source: Quantify Crypto

As evident, Ethereum lost almost 4%, LUNA – over 6.5%, Solana shed 7.2%, AVAX – 6%, DOT – 6%, and so forth in the past day.

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There are, of course, some exceptions, albeit very inconsiderable. MINA is up 4%, and Enjin (ENJ) is up almost 2% in the past 24 hours – these are the most considerable gainers.

On the other hand of the spectrum, we have HEART, that’s down 13.2%, followed by CELO – down 12.7%. These are the coins that lost the most.

All in all, the cryptocurrency correction is seemingly getting deeper, and it’s important for the market to find a support to prevent further losses.

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Cryptocurrency charts by TradingView.


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