Bloodbath in Crypto Market as Bitcoin Drops to $38,000
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Bitcoin plummeted more than 7% between Thursday and Friday morning, taking the flagship cryptocurrency to $38,800 in the early hours of the day
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This comes after experts warning that the world’s largest crypto may fall below $40,000 due amid concerns of pending interest rates
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At the time of this report, the entire cryptocurrency market is down by more than 7%, with a global market cap of $1.84, according to CoinMarketCap
The prices of Bitcoin and other cryptocurrencies took a nosedive on Friday morning, as nearly $150 billion was wiped off the cryptocurrency market.
Flagship crypto asset Bitcoin fell by nearly 8% to trade at $38,886 in the early hours of Friday, according to data from CoinMarketCap.
The world’s second-largest cryptocurrency by market cap, Ether also crashed by over 9% in the last 24 hours to $2,853, CoinMarketCap data showed.
About $147 was wiped off the global market cap of cryptocurrencies in the past 24 hours, as it crashed to $1.8 billion.
The decline in the market follows Wall Street losses that happened on Thursday. Nasdaq remains down by more than 5% for the week, while S&P losses extended into its third straight week.
Read also: Important Tips For Investing in Cryptocurrency
Crypto experts had warned about an impending crash, following news that the 10-year U.s Treasury yield spiked earlier this week, and the rising interest rates have caused investors to cut some risky assets from their portfolio.
The current crash in the market means that Bitcoin has now tumbled by more than 40% from its all-time high of $69,000 in November.
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