Bitcoin Dipped Below $29K as Wall Street Plunged to Yearly Lows (Market Watch)
The cryptocurrency market is suffering again as bitcoin slipped below $29,000, while Ethereum now trades beneath $2,000. This comes amid the most recent price dumps on Wall Street, as the largest stock market indexes dropped to yearly lows.
Bitcoin Follows Wall Street South
Yesterday was a highly negative trading day on Wall Street, with notable losses coming from the S&P 500, the Dow Jones Industrial Average, and Nasdaq. All of these prominent indexes declined by up to 5% in a day, the most they have lost since the first months of the COVID-19 pandemic.
As a result, the S&P fell to just over 3,900, the DOW to 31,490, and the Nasdaq Composite to 11,418, which were their lowest positions seen in over a year.
Looking at individual stocks, Target pops out as the most significant loser following a massive 25% drop after the firm said its logistics were disrupted due to higher freight, wage, and fuel costs.
Being considered a riskier asset as well, BTC is also in the red on a daily scale. The cryptocurrency struggled at $30,000 yesterday, briefly spiked above that level, but ultimately headed south and dipped beneath $29,000 for the first time in four days.
As of now, BTC stands just over that level, but with the uncertainty spreading across most markets, the community expects further declines.
Massive Losses for ADA, SOL, DOT, AVAX
CryptoPotato reported yesterday that ETH was fighting to sustain above $2,000. However, the second-largest cryptocurrency lost that battle hours later and now trades below the coveted price tag.
Ripple, Dogecoin, Shiba Inu, and Litecoin are down by about 5% each. Furthermore, Cardano, Solana, and Polkadot have lost between 7%-8%, while AVAX has dumped the most from the larger cap alts. A 13% daily drop has driven Avalanche to below $30.
With the lower- and mid-cap altcoins in a similar situation as well, it’s quite expected that the total crypto market cap is down by $70 billion in a day to $1.250 trillion.