Аfter touching a ten-day high above $39,000, bitcoin went on the downturn and dipped below $37,000. The altcoins have also retraced today, with Solana being the most substantial loser after an exploit on a network bridge for $320 million worth of ETH.
Bitcoin Slid Beneath $37K
The past several days were actually going rather well for the largest cryptocurrency. After dropping to $36,500 on Monday, as reported, the asset changed its trajectory and started to gain value.
This resulted in pushing above $38,000 and even a few consecutive attempts to challenge $39,000. The latest one came in a brief push above that level, which became the highest price tag in ten days.
However, BTC stalled for the following 12 hours, as reported yesterday. After being unable to challenge $39,000 once more, the bears stepped up and drove the cryptocurrency south. This time, bitcoin tanked to $36,500 once again.
As of now, it has recovered a few hundred dollars and sits around $37,000. As such, its market capitalization is close to breaking below $700 billion.
Altcoins in Red: SOL Dumps Double Digits
The altcoins registered impressive gains on Tuesday before stalling on Wednesday. Now, though, most are deep in the red.
Ethereum touched $2,800 two days ago, marking a multi-week high. However, a 3% decline since then has driven the second-largest cryptocurrency to below $2,700.
Similar daily price drops are evident from Binance Coin, Cardano, Ripple, Dogecoin, and Shiba Inu from the larger-cap alts. Polkadot, Terra, and Avalanche have charted more significant losses, while Solana has dumped the most.
Following an exploit against a Solana-based bridge called Wormhole, in which the perpetrators swiped $320 million worth of ETH, SOL started to tank in value. As of now, the asset is down by 10% in a day to below $100.
More declines come from Arweave (-13%), Convex Finance (-12%), Curve DAO Token (-10%), Kusama (-9%), Synthetix Network Token (-9%), The Sandbox (-8%), and others.
The crypto market cap is down by $110 billion since yesterday’s peak and sits around $1.650 trillion.
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