The crypto market lost yesterday’s gains after Bitcoin plunged from the highs of $40,000 to the $38,000 mark in the last 24-hours. The popular crypto dropped 5.33% and is currently trading at $38,368. In the last seven days, BTC lost 7.27% of its price. Investors continued with their risk-off posture amid the ongoing macroeconomic uncertainty.
Edward Moya, Oanda Americas Senior Market Analyst, says Bitcoin made a u-turn as risk aversion returned to Wall Street. Tech stocks led the decline as Tesla CEO Elon Musk’s purchase of social media platform Twitter began to fade. Analysts highlighted that tech-related stocks, on April 26, were some of the hardest-hit assets. Risk assets are the first to be hit whenever markets become turbulent.
Crypto market’s latest price dip is the continuation of the weakness seen across financial markets this month. S&P 500 is down by 7%, while Nasdaq dropped by 11% and Dow suffered a 3% loss. Analysts believe the crypto market is headed for a bear market bottom. Rekt Capital says Bitcoin is right back at the long-standing macro Higher Low support. The analyst highlighted that the world’s most popular crypto continues to trade within the range it has been stuck since the beginning of the year. But there is a noted strong amount of support in the lower $30,000 range.
Ether, the world’s second most popular cryptocurrency, also took a hit. It has been down by 5.18% in the last 24-hours, trading at $2,843. In regards to the altcoins, NEAR Protocol is the biggest loser. It is down by 12.15%. Terra LUNA lost 8.23% of its price and Polygon MATIC is trading 6.38% lower. Cardano and Ripple’s XRP lost about 7%. Dogecoin is also down by nearly 10%.
With slight gains and massive losses, the crypto market remains highly volatile.
