Bitcoin drops towards the $45k region
The price of the leading cryptocurrency has been down by over 10% in the past 24 hours, and it is now trading at $45k per coin. Bitcoin was able to cross the $50k mark over the weekend and rose past the $52k level earlier this week.
However, the gains recorded in the past week have been wiped out in the last 24 hours as the bearish sentiment in the market grows stronger. Bitcoin is now down by over 3% in the past seven days and could struggle to surpass the $50k resistance level again in the coming hours and days.
Ether is also another loser at the moment, losing 10.4% of its value in the last 24 hours. ETH is currently trading at $3,300 per coin, after rising past the $3,800 region earlier this week. The other leading cryptocurrencies such as Cardano (ADA), Binance Coin (ADA), Solana (SOL), Polkadot (DOT), Dogecoin (DOGE), and XRP are all trading in the red zone.
The total cryptocurrency market cap has also dropped massively in the last few hours. Yesterday, the total market cap was over $2.3 trillion. However, more than $300 billion was wiped out from the market in the last 24 hours as BTC and others turned bearish.
El Salvador officially adopts Bitcoin
Bitcoin’s price crash came as El Salvador’s adoption of Bitcoin became official yesterday. It set a record as the first country to make Bitcoin a legal tender. The adoption is expected to spur others into action and promote the use of the cryptocurrency as a means of payment.
The cryptocurrency market is not new to price crashes, and the market has bounced back virtually every time a situation like this occurs.