- The global cryptocurrency market value has dropped dramatically to -6.06%.
- Bitcoin bled to more than -13% and continues to fall down.
- Further, the dip deepens due to Investors selling crypto as the US tax deadline nears.
The cryptocurrency market cap has shrunk to almost $2 trillion. Ethereum, BNB, Bitcoin, XRP, Solana, Shib, LUNA, Dogecoin, and AVAX are among the tokens that have taken a comparable hit.
In just 24 hours the whole global cryptocurrency capitalization has dropped by a whopping -6.06%.
Bitcoin appears to have bled to -15.40% in under a week, and its price continues to fall after a day to -6.13%.
In addition, other tokens and crypto assets have taken a hit. For example, Ethereum is the market’s second-largest cryptocurrency. Since yesterday, the price of Ethereum has dropped by -6.84% to $2961.08. Meanwhile, the price of ETH has dropped by 15.75% in the last week.
BNB, the market’s fourth-largest crypto asset, has dropped 5.07% to $393.84 since yesterday. Overall, the BNB price has dropped 12.73% in the last week.
Yesterday, XRP, the market’s sixth-largest cryptocurrency, fell 6.37% to $0.698. In addition, XRP has dropped 15.69% in the last week.
Solana coin, the market’s seventh-ranked coin, saw its price drop by 10.41% to $99. In just one day. Solana has dropped to 25.02% in the last 7 days.
According to David Duong, Coinbase Global- Head of Institutional Research, the market has taken such a turn because some stockholders are selling cryptocurrencies ahead of the approaching tax deadline in the United States.
Since 2021, he claims to have noticed repeating trends. “We saw market participants selling digital assets to meet tax-related obligations last year,” he wrote in a recent note. He also said that some investors are nervous now that the Fed has hiked interest rates.
All in all, for some, the crypto market crash is worrisome, whereas others see it as an opportunity to buy more as the tokens take a dip.
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