Bitcoin Fell Below $44000 and the Cryptocurrency Adjustment Continued


In the past 24 hours, the cryptocurrency market has been painted red because bitcoin has fallen below $43000, while the alternative currency has suffered considerable losses.

In the past few days, there has been a turning point in the cryptocurrency market, with prices falling across the board. Most assets were trading at a loss, with BTC falling below $44K.

Bitcoin Price Fell Below $44K

In the past few days, due to the overall decline in prices, there has been no particularly big gain for cryptocurrency holders.Bitcoin even reached a daily low of $42727 on binance, and then rebounded to more than $43000. At present, it is trading at about $43.5k.With this in mind, the cryptocurrency lost a total of 7.5% this week, although most of it occurred in the past two days.
It is worth noting that in the past 24 hours alone, there have been nearly $100 million worth of BTC clearing positions. Naturally, most of them are bulls, accounting for more than 82% of the total clearing volume according to coinlass.

Source: TradingView
Source: TradingView


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The Alternative Coins are Painted Red

As can be seen from the heat map below, the vast majority of alternative currency transactions are red. This has led to a considerable loss of capital in the entire market, as the total market has decreased by about $90 billion in the past 24 hours.

Obviously, Ethereum lost nearly 4%, Luna — more than 6.5%, Solana fell 7.2%, avax — 6%, dot — 6%, and so on in the past day. Of course, there are some exceptions, albeit very insignificant. Mina rose 4% and Enjin (enj) rose nearly 2% in the past 24 hours – these are the most significant beneficiaries. On the other hand, we have heart, which fell by 13.2%, followed by CELO — down 12.7%. These are the currencies that have suffered the most.

In short, the correction of cryptocurrency seems to be getting deeper and deeper, and the market must find a support to prevent further losses.

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