Last Updated on: 21st July 2023, 11:07 pm
While investors and traders seemed eager to see a return to earnings week after week, the crypto stalks suffered huge losses overnight.
With BTC falling as much as 10 percent in the past 24 hours as news from the U.S. Law enforcement agencies part of the hacked cryptocurrencies funds mainly denominated in Bitcoin.
At the time of writing, BTC was trading at $33,110 after hitting nearly $40,000 on Friday last week. The rest of the market has also fallen significantly, adding more salt to the wounds of avid crypto investors.
Also Read: China blocks some cryptocurrency related Weibo social media accounts amid crackdown on Bitcoin
The latest slump brought the total market capitalization of all cryptocurrencies below $1.47 trillion for the first time since May.
The story was similar with mid-cap companies, where coins like Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Binance Coin, and LTC have dropped like stones in the past 24 hours.
At the time of writing, Ethereum is down 11.6%, Binance Coin is down 13.14%, LTC is down 13.4%, and Doge is down 12.4%. Solana, which recently emerged as a standout cryptocurrency, fell a modest 18.7%.
While many analysts had forecast a more positive course at the beginning of the week due to countless positive news in the crypto space, many professional investors remain concerned about the short-term outlook.
To paint a picture, global investment management firm Goldman Sachs has stated that their meetings with 25 investment directors have shown that Bitcoin is their least popular asset.
In addition, it was mentioned that the recent remarks by former US President Donald Trump may have something to do with the recent Bitcoin crash. Trump told Fox Business, or rather, that Bitcoin “looks like a scam. I don’t like it because it’s a different currency that competes with the dollar.
In any case, Trump’s timing couldn’t be better in this situation as the digital marketplace received huge hits in an hour with or without his involvement.
Also Read: Bitcoin Price drops below US$40,000 after China issued a warning
The past 24 hours have spilled a great deal of blood down the crypto streets, causing billions in losses as new investors and impatient sellers keep going in and out of space on the fly. For what it’s worth, Bitcoin’s price is still up more than 250% from last year, and it is likely that it will continue to improve from here on out.
