bitcoin

Market Update – BTC Loses About $400 in 1 Day

Analysis
Reading Time: 2 minutes

Bitcoin, which is recently suffering from a very high volatility (we should not be surprised by this), has lost $400 during the past day and is now trading at $38,694.93. While yesterday we reported it had fallen below $40,000, the fall has increased over the past 24 hours.

As can be seen on the chart below, the rest of currencies from the top 5 are also in negative territory except for Binance Coin, which shows a ridiculous increase of 0.01% during the past day.

CoinMarketCap

The most relevant news of the day related to Bitcoin and the cryptocurrency market are mainly negative today. For instance, we have learned that Korea is increasing its control on the crypto industry by banning exchanges from hadling their own tokens.

In addition, the World Bank has rejected offering its help to El Salvador to implement Bitcoin as an official currency in the country due to transparency and environmental concerns. The authorities of the country counted on the help of the institution, so they will have to find other ways to meet their objectives.

On the other side of the coin, it has become known that popular TV channel CNN intends to sell NFTs of historic moments, joining this way the Times magazine and Fox, which have previously sold their own non-fungible tokens.

The BTC dominance index has fallen to 45.3% from yesterday’s 48.1%. While it has declined a little bit, it is still high, which is always a negative indicator of the health of the market, as most of the investors’ money is put into a single coin.

The total market cap now stands at $1.601T, up from yesterday’s $1.530T.

Will buyers be able to make BTC break about $40,000 again?

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