Bitcoin Crashes Below $56,000 as Crypto Market Continues Descent

• Bitcoin continued its descent on Tuesday morning crashing below $55,000, according to data from CoinMarketCap

• The flagship cryptocurrency had briefly surged above $59,000 on Monday morning but the momentum wasn’t sustained

• At the time of this report, the broader cryptocurrency market has a capitalization of $2.5 trillion, 2.15% down in the last 24 hours

The Bitcoin market had shown signs of recovery over the weekend, but the price crashed yet again on Tuesday morning.

The flagship cryptocurrency has dipped by %2.3 in the last 24 hours, falling to $55,900, according to data from CoinMarketCap.

The world’s largest cryptocurrency is down by 9 percent over the past week, since US President Joe Biden signed an infrastructure bill that requires all digital asset brokers to record and report transactions.

Not only Bitcoin has been affected by the recent market struggle as Ether also dropped by 2.14% in the last 24 hours to $4,116.

Ethereum is down 13% from its all-time high of $4,870 which was attained on November 10.

The cryptocurrency market has generally consolidated within the last day and the market capitalization currently stands at $2.5 trillion.

Read also: First-Ever Bitcoin City to be Unveiled by El Salvador

BTC dominance fell below 42 percent, an indication that altcoins are more bullish than the world’s number one cryptocurrency.

Coins such as Cardano, Uniswap, Avalanche, and Ripple had gained value in the past day.

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