Crypto Markets Dive Into the Red, Bitcoin Below K
Bitcoin went below $34,000 on Monday morning after declining almost 3% over the past 24 hours and nearly 14% over the last seven days. The market cap of the flagship cryptocurrency tanked to $640 billion trading at $33,632 at time of writing according to CoinMarketCap data. A little over a month ago on March 28, that number was a solid $900 billion.
After Bitcoin saw some solid recovery last week, downward pressure began to mount after the U.S. Federal Reserve announce to raise interest rates.
In the week before, Institutional investors had already began pulling assets out of Bitcoin exchange-traded funds, according to CoinShares. Bitcoin outflows totaled $133 million, a new high since June 2021.
The second-largest cryptocurrency by market capitalization, Ethereum, also incurred heavy losses in the weekend, accounting for a devaluation versus a week ago, moving hands at $2,460 currently.
Other notable coins dropped massively too. Terra’s LUNA is down more than 25% in the last week, while Solana (SOL) is now trading at $74.42, losing 5% over 24 hours and almost 18% in seven days.
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Source: igaming
