May 16, 2022

Market Update: Crypto Market Tanks Under $1.4 Trillion, BTC Down 7%, ETH Down By 9%

2 min read


It’s not a pleasant Sunday for crypto investors as there’s a fresh bloodbath all over the Satoshi Streets. The overall cryptocurrency market is down 8.39% slipping under $1.4 trillion as of composing this story.

The world’s largest cryptocurrency is down 7% and is currently trading at $34,632 with a market cap of $629 billion. Bitcoin stops working to hold crucial assistance levels and in the middle of the recent crackdown by China on local miners, the Bitcoin network hashrate has also tanked even more 30%.

After hitting $40,000 last Tuesday, Bitcoin has actually been continually trading under pressure and the next level seems to be $30,000 currently. As Bitcoin has actually been showing connection with the equity market in recent times, it is at danger of further cost fall if Wall Street comes under pressure.

Mentioning the strength of the U.S. Dollar Index (DXY) expert Willy Woo explained that cash has actually been receding to the USD as investors try to find security. This can perhaps result in weak point in the equity markets proceeding. Hence, BTC stays at a risk of more correction from this point onwards.

A Quick Look at the Altcoin Market

  • Ethereum (ETH) is down 9% today moving closer to $2000 levels however holding well above. After hitting its all-time high of $4400 in mid-May, ETH has actually been trading sideways for a while now. The ETH cost is more than 50% down now.
  • Dogecoin (DOGE) and XRP are the most significant losers in the top ten list crashing 13% since composing this story.
  • Polkadot (DOT) got momentum last week moving previous $25 has corrected 20% ever since. Today, the DOT price is down by 10% slipping under $20.

Total market situation clearly remains bearish at this stage and bulls are having a bumpy ride. Revenue reservation has ensued at every price increase over the last week. It is quite a wait and sees minute as information from market whales and retailers give mixed signals.

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