August 9, 2022

$330 Billion Wiped Off the Total Market Cap on Bitcoin’s Worst Day Since May (Market Watch)

2 min read

Bitcoin’s Day, as it was touted by lots of, turned into the bloodiest day given that May 19th. Right as El Salvador became the really first nation worldwide to formally acknowledge BTC as legal tender, the cryptocurrency lost over $10K of its value in less than 24 hours.

Bitcoin’s Worst Day Since May 19th

As CryptoPotato reported the other day, the law that turns Bitcoin into a legal tender in El Salvador went into effect. Numerous well known, calling this “Bitcoin’s Day.”

Regrettably, the events were short-lived as the markets reddened in a couple of violent per hour candle lights where BTC itself lost over $7K in less than 2 hours. This brought the overall everyday losses to more than $10,000, turning this into the worst day (price-wise) since May 19th.

btcusd_chart
Chart by TradingView It’s likewise worth noting that the cryptocurrency staged rather of a recovery, although it presently trades at around$ 45K – still a massive loss from yesterday’s highs of around $53K. At the time of this writing, Bitcoin is trading listed below the crucial assistance level of$46K, although the daily close was above it. It stays essential to follow the rate action carefully and see how it will perform in the following days.

Altcoins Also Deep in Red

As it’s generally the case, the whole market toppled following Bitcoin’s crash. This led to a loss of around $330 billion being totally wiped off the marketplace capitalization.

Each and every single altcoin from the leading 10 is currently at a loss on the day-to-day and weekly charts, with the exception of Solana, which is down in the past 24 hours but is still significantly up over the previous week.

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Cryptocurrency Market Heatmap. Source: QuantifyCrypto

The coin that lost the most (from the top 100) is THETA – – down about 31% on the day-to-day. It’s followed by QTUM and Filecoin.

In spite of the other day’s bloodbath, some cryptocurrencies are holding their ground. In reality, ALGO is up 12%, while NEAR – – 10%.

In any case, it remains extremely important to stay vigilant and be prepared for more volatility in the coming days.