Crypto Market Cap Loses $100 Billion as Bitcoin Price Dips Below $44K

The total cryptocurrency market’s capitalization has lost around $100 billion in the past hours. This comes as Bitcoin corrects to below $44,000. Nevertheless, the cryptocurrency is still up more than 20% on the weekly.

  • Corrections are to be expected, especially when the market turns parabolic. Over the past 7 days, bitcoin’s price is up by a whopping 20% after arguably one of the most important developments for the market.
  • BTC soared earlier this week when Elon Musk’s Tesla filed a document with the SEC, revealing a massive $1.5 billion Bitcoin buy. Bitcoin touched a high of just shy of $50K on the news, and today’s correction shouldn’t come as a surprise to many.
  • In any case, the price is currently trading around $44,400, and it dipped to an intraday low of $43,746 on Bitstamp.
btcusd_chart
BTC/USD, Bitstamp. Source: TradingView
  • In any case, the longer-term trend remains largely intact.
  • However, today’s dip saw a total of around $1.17 billion liquidations, where around 80% of them were long positions.
  • A lot of the altcoins have also corrected in the past few hours, though the majority of them continue to be in green on a 24-hour timeframe.
  • Nevertheless, the most recent developments saw around $100 billion of the total market capitalization erased, as Bitcoin’s dominance sits just shy of 62%.

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