Bitcoin price falls below $46K as miners capitulate

Spread the love

After a relatively positive Saturday, Bitcoin (BTC) price has headed south again by falling below $44,000 to its lowest price since February 10, 2021. The altcoin space has it even worse with substantial double-digit drops, and the market capitalization has lost another $120 billion to $1.350t.

Bitcoin Price Falls Beneath $44K as Miners Sell-Off

The primary cryptocurrency showed some signs of recovery during yesterday’s trading session as it gained about $4,000. However, this positive performance was short-lived, as the bears gained control again rather vigorously.

Bitcoin price started losing chunks of value in the following hours, which resulted in a low of $43,782, according to Bitstamp. At the time of writing, bitcoin has bounced off slightly and currently sits around $45,200.

As a result, BTC’s market cap continues to tumble. The flagship cryptocurrency had lost more than $200 billion in the past week when it stood above $1.05 trillion and is down to $830 billion now.

Data from CryptoQuant shows that the latest price slumps could be attributed to miners realizing profits following the several month-long bullish trend. The analytics company followed huge outflows from their wallet into exchanges right before the initial dump from $58,000 to $45,000, and more recently – from $50,000 to below $45,000.

Altcoins’ Weekend Bloodbath

As it usually happens when BTC falls, the altcoin market’s pain is even worse. Ethereum leads this adverse trend with a 10% fall to below $1,350. Just for reference, Ethereum (ETH) traded above $2,050 just eight days ago and has lost 35% of its value since then.

ADA, which was among the best performers lately, has dropped by more than 12% to $1.2. Binance Coin (-10%) is down to $210, Polkadot (-9%) to $31, Ripple (-6.5%) to $0.41, Litecoin (-10%) to $160, and Bitcoin Cash (-9%) struggles at $450.

Further losses are evident from lower and mid-cap alternative coins. PancakeSwap has lost about 25% since yesterday and is below $9. Polygon (-20%), Ravencoin (-20%), Enjin Coin (-20%), Huobi Token (-19%), 1inch (-18%), IOST (-18%), Pundi X (-17%), Holo (-15%), and NEAR Protocol (-15%) are some of the examples that follow with significant price drops.

Finally, the cumulative market cap of all cryptocurrency assets has lost $120 billion in a day and more than $400 billion in a week to $1.350 trillion.

Leave a Reply

Your email address will not be published.