Bitcoin Tumbles 10% to $35,000, ETH Now $2,400
In a fresh bloodbath, top cryptocurrencies tumble Bitcoin, the largest cryptocurrency by market value, dropped about 10% $35,012 while Ethereum, the second-largest trades below $2,500.
Selling rallies have persisted in the crypto markets space amidst pressures from countries about digital assets regulations and persistent cyber frauds amidst other related issues.
Ether, the coin linked to the Ethereum blockchain network, dropped 16% to $2,413, losing about $400 from its previous close. Total market cap of all cryptocurrencies 13% to $1.6 trillion due to volatile trade record.
Most of the top 20 cryptocurrencies posted double-digit losses as of late Friday when S&P 500 and Nasdaq Composite indices are also headed to log a four-day losing streak.
The total market capitalization of the cryptocurrency industry fell 11.5% to $1.896 trillion, down from a record high of $3.081 trillion on Nov. 8, 2021, according to data from CoinGecko.
Yesterday, Bitcoin (BTC-USD) was trading 11.9% lower at $37,757 after sliding to $37,458, the lowest point since Aug. 5, 2021. Trading volume was $37.64 billion, up nearly 120%.
The recent drop expanded the most popular cryptocurrency’s 2022 loss to nearly 19%, compared with more than 7% for the S&P 500 Index.
Also, Ethereum (ETH-USD), the second-largest cryptocurrency, slipped 14.6% to $2,735 after touching $2,730, the lowest intraday price since Sept. 21, 2021.
Chainlink (LINK-USD), Polygon (MATIC-USD), Filecoin (FIL-USD), and Litecoin (LTC-USD) all slumped more than 15% each. #Bitcoin Tumbles 10% to $35,000, ETH Now $2,400
