Bitcoin Plummets 10%, Largest Single-Day Drop Since 2022

Bitcoin Sees Sharpest Daily Decline Since 2022

Bitcoin experienced a significant downturn, dropping 10.01% to trade at $66,030.5 by 18:18 GMT. This marks the largest single-day percentage loss for the cryptocurrency since November 9, 2022, signaling a sharp reversal from its recent bullish momentum.

Market Overview

The downward price movement reduced Bitcoin's market capitalization to $1,321.5 billion, which accounts for 58.15% of the total cryptocurrency market. Over the past twenty-four hours, Bitcoin traded within a range of $66,030.5 to $73,292.0. The total volume of Bitcoin traded in the same period was $103.1 billion, representing 44.50% of the total volume of all cryptocurrencies.

Impact on the Broader Crypto Market

The sell-off in Bitcoin has had a ripple effect across the digital asset market. At its current price, Bitcoin is 10.46% below its all-time high of $73,740.90, set on March 14, 2024. Ethereum, the second-largest cryptocurrency, also declined, falling 8.93% to $1,955.54. In contrast, the stablecoin Tether USDt saw a slight gain of 0.05%, trading at $0.9991.

Summary and Outlook

Following a period of strong gains that led to a new all-time high, Bitcoin has entered a corrective phase, losing 21.31% over the past seven days. Investors will be closely watching key support levels as the market digests the recent volatility and determines its next direction.

FAQ

Q: How much did Bitcoin fall?
A: Bitcoin fell by 10.01%, marking its largest one-day percentage loss since November 9, 2022.

Q: What was Bitcoin's trading price after the drop?
A: Bitcoin was trading at $66,030.5 as of 18:18 GMT on the reporting day.

Q: How did other major cryptocurrencies perform?
A: Ethereum dropped by 8.93%, while Tether USDt saw a minor gain of 0.05%.

Source: Investing.com