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During the last 24 hours, digital asset markets have lost 11% in value as the entire cryptomarket cap has shed value. Today, bitcoin has fallen to $44,846 during the morning trading session (EST), losing over 18% over the last day.Cryptocurrency price dips more than 18% and quickly recovers some of the losses.
One day earlier, the crypto asset had reached its all-time high at $58,354 per unit. Some of the Losses
Cryptocurrency proponents are watching markets closely after the price of bitcoin (BTC) started sliding early Sunday morning after coasting along at the $55k range. With global global Bitcoin trades valued at $47 billion there are overall $177 billion in other digital currency trades across the entire crypto economy. The top five cryptocurrencies as of February 23, 2021. Since then BTC touched a low of $44,846 on Tuesday and has been very volatile during the last 24 hours.
Today, BTC’s market valuation is under the $1 trillion mark it once held at $909 billion at the time of publication. There’s a whopping $47 billion in global BTC trades among the overall $177 billion in swaps across the entire crypto economy.
The second-largest market cap is still held by ethereum (ETH) but ether is down 8% at the time of writing. Currently, ETH is swapping for $1,576 per coin and has a market valuation of around $180 billion.
Tether has regained the third-position in the top ten rankings, while BINANCE coin (BNB) now holds the fourth spot. BNB is down 14% and trading for $227 per token. In a note to investors, Peters explained how today’s crypto correction is part of a larger selloff in global markets.
‘Soft’ Inflation, Fed Could Scale Treasuries Purchases Fueling Bitcoin
Meanwhile, as crypto assets took a dive during the last 24 hours, stocks have slid as well while the Federal Reserve Chair Jerome Powell testified to Congress. Many investors have closed positions that have resulted in significant profits.
Peters added:The sell-off will attract more investors in the long-term. The cryptocurrency analyst Ben Lilly explained in a recent blog post that this is bullish. Meanwhile, after falling under the $45k mark, bitcoin has bounced back above the $48k mark for the moment.
‘Sell-Off Will Attract More investors Long-Term’
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“Being driven by profit-taking,” Peters continued. ‘Soft’ inflation, Fed could limit Treasuries purchases fueling BitcoinAt the same time, as crypto assets fell during the last 24 hours, stock markets fell also while Federal Reserve Chair Jerome Powell testified to Congress. This is neither an offer nor solicitation for a purchase or sale, nor a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide legal, tax, or accounting advice.
The sell-off will attract more investors long-term. However, in the short-term some we will see some volatility, as we are today. We still see great potential for bitcoin and peers as we move through the year.
Meanwhile, after the fall under the $45k handle, BTC has managed to jump back above $48k for the time being. A day prior the cryptocurrency asset reached an all-time high at $58,354 per unit.
Today, BTC is trading between $48,400 and $49,250 and is very volatile. At the time of publication, Bitcoin had a market cap of $909 billion. Today, it has a market cap of $828 billion. There are $47 billion in global Bitcoin trades across the entire crypto economy. There are $177 billion worth of crypto swaps across the entire crypto economy.
Bitcoin Price Surpasses $44k Handle, ETH Futures Launch, Tesla's Balance Sheet BTC Praised
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Disclaimer: ‘Soft’ inflation, Fed could limit Treasuries purchases fueling BitcoinAt the same time, as crypto assets fell during the last 24 hours, stock markets fell also while Federal Reserve Chair Jerome Powell testified to Congress. Inflation is “soft” and the Fed can continue its fiscal austerity strategy, noted Fed Chair Jerome Powell, despite the grim economic outlook and rising bond yields. Bitcoin.com does not provide investment, tax, legal, or accounting advice. “If the Fed does step up their purchases of Treasuries, this can be very bullish for bitcoin” Lilly asserted.
