Bitcoin Falls Back Below $35,000 as Crypto Market Continues Crashing
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Bitcoin Falls Back Below $35,000 as Crypto Market Continues Crashing

June 12, 2021      Jafrin Ahmed

Leading cryptocurrency Bitcoin (BTC) fell from $39,000 levels to $31,000 levels, before recovering to currently trade over $35,000 levels. Ultimately, the market capitalization of all cryptocurrency assets lost over $100 billion in a day and is now below $1.5 trillion.

Bitcoin Tumbles Down Below $35,000

On June 11, Bitcoin rose to a six-day high at $38,500 but retraced back to around $37,000. Since then, the cryptocurrency has changed its course to losing more than $2,000 in hours and briefly dipping beneath $35,000 the next day.

At the time of writing, the cryptocurrency appears to have recovered to currently trade around $35,237, lower by 6% from the past 24 hours.

With Bitcoin losing its steam, the crypto market cap saw $100 billion evaporated in a day as BTC slipped to $35,000 and ETH dumped below $2,300. The global crypto market cap stands at $1.51 trillion, down 2.78 percent over the previous day.

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The flagship cryptocurrency is down 45.7% from its all-time high of $64,895.22 on April 14.

A recent report from Zebpay highlights Bitcoin seeing extreme bouts of volatility with prices falling to $31,000  from $39,000 and currently trading over $35,000.

Altcoin Market in Red Zone

At the same time, other crypto-assets registered a fall between 4% and 14% since the past 24 hours, with Ethereum (ETH) slipping down to 6.56% at $2291.

Just a few days ago, the second-largest cryptocurrency by market cap was trading above $2,600 but since then has retraced by around $300 to $2,300.

Similarly, Binance Coin (BNB) has lost $50 from its mid-week peak when the asset spiked above $38 to current trading around $330. While Polkadot (DOT) and Uniswap (UNI) are close to dumping below $20.

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Dogecoin (DOGE) was also trading lower at $0.30, down by 5.64%, while XRP declined 5.64% to $0.81 while Cardano (ADA) was down by 9.30% to $1.38. Similarly, Litecoin (LTC) fell to 8.46% to settle at $156 and Stellar (XLM) was down by nearly 8.86% to $0.30.

Ethereum Classic (ETC) and Bitcoin Cash (BCH) have also declined 6.42% and 7.10% respectively.

Other digital assets to lose among with double-digit includes Bitcoin Gold by 16%, Kusama at 16%, Siacoin 15%, SushiSwap 15%, Amp 15%, Fantom 14%, ICP 12%, Klaytn 12%, Horizen 12%, and SHIBA INU 12%.

#Altcoins #Bitcoin #Bitcoin price
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.