Despite the decline in the domestic equity market today, the cryptocurrency market has hit a record low in 2022. According to data from CoinMarketCap, the worldwide crypto market cap stands at $985.07B, a loss of 11.08 percent over the previous day, and with today’s decline this year, the global cryptocurrency market cap has so far reached nearly USD 1 trillion. has fallen. Amid a bearish crypto market, bitcoin, the world’s largest and most popular cryptocurrency, fell 11.10 percent over the past 24 hours to $24,556.65 USD, with a 24-hour trading volume of $51,70,28,31,258 USD . Bitcoin’s market cap fell 11.77 percent to $463,816,731,125.85, and the top three losers of the day are green satoshi tokens, bitcoin and BNB.
Giving an outlook on bitcoin, the WazirX Trade Desk said, “Bitcoin faced another significant correction, dropping by more than 10% and dropping to nearly $25,000, the lowest in 5 months. Interestingly, the dollar index (DXY) is also at a six-month high, only up 2% on the last day as the stock and crypto markets tumbled. On the daily time frame, BTC trend has broken below a long-formed triangle pattern “An immediate and important support is expected at $24,000. The RSI drops below 30 as Bitcoin enters the oversold zone.”
Edul Patel, co-founder and CEO of Mudrex-a global crypto investing platform, said, “Crypto prices fell following the US inflation report, which hit a 40-year high of 8.6% over the weekend. It seems that investors panicked. and have started liquidating some of their positions in the market.” If volatility continues in financial markets, bitcoin could fall further from current levels, he said.
In a weaker crypto market, Bitcoin is down 12.48% in 24Hr and 23.33% in 7 days, Ethereum is down 17.76% in the last 24 hours and 36.79% in the last 7 days, BNB is down 14.95% in 24Hr and 29.23. % in 7 days, Cardano 15.14% in 24 hours and 30.22% in 7 days, Solana down 20.53% in 24 hours and 40.15% in 7 days are the biggest losers in the red zone, while USD Coin, DAI, UNUS SED report LEO was in the Green Zone at the time of writing.