The crypto market has once again seen serious volatility with major price tumbles recorded across the board. Bitcoin lost 3.21% in the last 24-hours and is trading at $42,232. The price drop occurred as the biggest crypto event, the Bitcoin 2022 Conference is taking place in Miami.
Earlier in the week, BTC touched nearly $46,000 and was looking to breach the $47,500 level. But bears pushed the price down and it was soon trading at a high low of $43,000. However, Bitcoin managed to recover and was trading slightly below the $44,000 mark. The rest of the crypto market followed suit. Ethereum followed close to Bitcoin’s heels. It nearly reached the $3,400 mark. At the time of writing this article, Ether has lost 2.32% in the last 24-hours and is changing hands at $3,188.
Analysts say BTC price action has seen some retracement, a series of lower lows resulted in a consolidation triangle. It broke the downside on March 6. More downside is to be tested as price took a slight dip in the last 24-hours. The altcoins are seeing red. Terra LUNA and Solana (SOL) are the biggest losers. The former lost its price by nearly 12% and the latter by 10.19% in the last 24-hours. Avalanche is down by 6.21%. Polkadot lost 5.27%.
