Crypto Market Fumbles Yet Again, Global Market Cap Shrinks by 7.67%

Crypto Market Fumbles Yet Again, Global Market Cap Shrinks by 7.67%
  • The market’s momentum might be influenced after the FOMC meeting.
  • An 8-10% drop in the price of almost all of the top ten cryptocurrencies.

During the past three hours, the crypto market has seen a 7.67 percent drop, resulting in the loss of more than $150 billion in investors’ capital. Bitcoin (BTC), the world’s most popular cryptocurrency, has fallen 7 percent. Since August 2021, Bitcoin has been trading below the $40,000 mark for the first time. Bitcoin now has a support level at $37,500. It might fall below $30,000 or even lower. 

BTC/USDT: Source: TradingView

According to CoinMarketCap, the Bitcoin price today is $38,857.07 USD with a 24-hour trading volume of $33,829,769,732 USD. Bitcoin is down 7.16% in the last 24 hours.

Read More: Bitcoin Price Prediction

Bitcoin critic Peter Schiff writes:

“Bitcoin has finally broken the neckline of a head-and-shoulders top. The scary part for the longs is that the pattern projects a move below $30,000. Once that level is breached Bitcoin will have completed a massive double top. From there a crash below $10,000 is highly likely.”

Efforts by the Federal Reserve to curb inflation have begun to impact the equities and crypto markets. The market’s momentum might be influenced after the FOMC meeting next week.

Altcoin Market Witnesses Significant Correction

Ethereum, a Bitcoin rival, is down by 9% and has fallen below its critical support level of $3,000. Ethereum (ETH) has a market capitalization of $341 billion. The altcoin market has seen a significant correction. 

ETH/USDT: Source: TradingView

According to CoinMarketCap, the Ethereum price today is $2,855.69 USD with a 24-hour trading volume of $17,850,250,761 USD. Ethereum has been down 8.43% in the last 24 hours.

Read More: Ethereum Price Prediction

There has been an 8-10% drop in the price of almost all of the top ten cryptocurrencies. For the first time in a long time, Polygon’s MATIC has fallen below $2.0. As bears seize power, it’s tough to predict what will happen in the near term.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.