- BTC dropped below $21k, after reaching $25,135.59 in the previous week.
- Major altcoins are also witnessing a sudden huge crash.
Following a continuous positive surge over July, the global crypto market saw a significant crash on previous days, with a crucial fall of major cryptocurrencies. The unexpected drop in the cryptocurrency market has been connected to numerous reasons including, US Federal Reserve’s predicted interest rate hike in September.
During the past week, the market dominant Bitcoin (BTC), reached $25,135.59 and dropped below $21,000. At the time of writing, BTC is trading around $21,235.17, with a 24-hour trading volume of $40,292,878,008. Bitcoin has lost over 7.02% in the last 24 hours, as per CMC.
Massive Fall of Altcoins
In addition to Bitcoin, major altcoins are also going through continuous pressure in the crypto market. During the previous day, Ethereum (ETH) crashed down 9.73%. The coin is currently trading around $1,641.24, with a 24-hour trading volume of $26,003,367,546. Also, Binance Coin (BNB) is currently trading around $286.05 with a 24-hour trading volume of $1,676,513,661. BNB is 1.80% down during the last 24 hours.
Other top altcoins are also witnessing a tremendous loss during the past day including, XRP (4.87%), Cardano (7.28%), Solana (3.71%), Dogecoin (5.52%), Polkadot (5.08%), and Avalanche (1.50%), at the time of writing.
So far this year, the global crypto market has already experienced a massive downturn. The market fell below $1 trillion due to multiple factors including the Terra-Luna crash, market equity, inflation, and transaction freezing from Celsius Network. Following this, the crypto industry gradually emerged from the sudden crash and now again returned to the same condition.
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