Bitcoin price dropped to $ 53,000, total market capitalization “evaporated” nearly $ 50 billion

Previously, Bitcoin price traded in the range below the $ 57,500 resistance, which clearly shows signs of the start of a major drop if there is a clear break below the $ 53,500 support zone. And then it happened. At press time, BTC is trading around $ 53,491, down more than 5% in the past 24 hours.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price dropped to $ 53,000, dragging the series of large-cap Altcoin sinking into the red

Bitcoin price temporarily stood at $ 53,829, down more than $ 2,612. During the last 24 hours, the leading cryptocurrency was trading as low as $ 53,672 and as high as $ 56,809.

Data from CoinMarketCap shows that the volume of Bitcoin transactions over that time period reached 54.5 billion USD, market capitalization reached nearly $ 1,009 billion, down $ 46 billion. The decline of the largest market cap altcoins in the market led to widespread red. Specifically, Binance Coin decreased 2.9%, Ripple 4.5%, Dogecoin 7.2%, Cardano down 4.2%, Polkadot down 2%, Litecoin down 2.3%, Bitcoin Cash down 3.6 %, Chainlink down 5.8% …

The series of large-cap altcoins plummeted, causing the total market capitalization to “evaporate” more than 3.6%, back to $ 2,000 billion. Many experts believe that Bitcoin continues to be under pressure from authorities and is in the period of correction after prices rise too hot.

You can see the BTC price here.

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