Crypto Market Correction Continues As BTC Drops Below $44K

Crypto market correction continues with Bitcoin dropping below $44K and the market is painted in red all over the past 24 hours so let’s read more in today’s latest cryptocurrency news.

Bitcoin dipped below the $43K price range while altcoins chart some bigger losses. The crypto market correction continues as it took a u-Turn in the past few days as the price crashed on the board and most assets are trading in the red while BTC dropped below $44K. the past few days haven’t been quite rewarding for crypto holders as the prices dipped across the board. BTC reached a daily low of $42,727 on Binance before bouncing slightly and recovering above the $43,000 price point where it is now trading near $43.5K. With this in mind, the crypto lost a total of 7.5% in the week and most of it came in the past two days.

It is worth noting that the past day saw almost $100 million worth of liquidated BTC positions where most of them were long and represented 82% of the total liquidations as per the data from CoinGlass. The overwhelming majority of the altcoins are in the red and this contributed to the crypto market correction. The market cap lost about $90 billion in the past day and as evident, Ethereum lost 4%, Luna dropped by 6.5% and Solana dropped by 7.2%. There were some exceptions but they were quite small. MINA increased by 4%, Enjin is up by 2% in the past day, HEART cashed by 12%, and CELO got down by 12.7%.

All in all, the crypto correction is getting deeper and it is important for the market to find a support level and prevent more losses.

As recently reported, Bitcoin dropped by 5% and Ethereum by 8% with other coins being hit harder. If you were planning to cash out on the crypto investmetns, maybe it is time to reevaluate. Crypto markets joined equities in sinking lower after the FED governor Lael Brainard reiterated the central bank’s commitment to tightening monetary policy. Among the top 15 digital assets, DOGE experienced the biggest decline in the past day and lost 15% to settle below $0.15 but it did pad the market cap this week when Elon Musk joined the Twitter board.

SHIB, DOT, and Avalanche also saw some double-digit percentage losses. The top two coins y market cap BTC and ETH shaved 5% and 8% of their price but in all the market cap was down by 6% and dropped below $2 trillion.