The Crypto Market Is Falling: Updates On Bitcoin And Ethereum In The Last 24 Hours
BTC dropped sharply on Thursday night, while the Ether also dived. The crypto market had a loss of over $150 billion in the last 24 hours.
Bitcoin fell about 7% in the last 24 hours and it hit a low of $38,287 within that time period. It was trading at $39,010 as of 4:43 a.m. ET according to CoinDesk data.
Ether, the second biggest cryptocurrency by market cap, fell more than 8% during that same time period and it also hit a low of $2,809 within that timeframe. It was trading at around $2,878 as of 4:43 a.m., based on CoinDesk data.
Aloss of $147 billion was wiped off the entire crypto market in the past 24 hours.
The declines come as Wall Street losses on Thursday. The Nasdaq fell nearly 5% and the S&P 500 is now into its third week of losses.
As yields pulled back later in the week, however, foreign exchange trading firm Oanda’s Senior Market Analyst Edward Moya said it was “a little disappointing to not see Bitcoin react more positively to the reversal in Treasury yields.”
Bitcoin prices have fallen sharply since November, tumbling more than 40% from a record high of about $69,000.
Some experts warn that the crypto market could be heading toward a downturn soon because heightened regulatory scrutiny dampened bitcoin’s prospects.
The total market value of all cryptocurrencies is $276 billion — about $20 billion less than just before the slide began early this week. Much of that loss has been concentrated in ethereum and ripple, which investors may be using to store cash until clearer regulatory guidance comes out, said Joe DiPasquale, founder and CEO of BitBull Capital, a cryptofund that invests in other cryptofunds.
“We’re seeing the market pull back and consolidate,” he said. “It’s too early to tell if long-term holders are coming back.”