Bitcoin (BTC) Slips Under $60,000 Amid the Bloodbath in the Broader Crypto Market

16. Nov 2021 Posted by Akolkar B on News

Over the last 24-hours, the broader cryptocurrency market has entered severe correction with nearly $200 billion eroded from the overall cryptocurrency market cap. The world’s largest cryptocurrency Bitcoin (BTC) has also corrected nearly 10% in the last 24 hours with its price taking a momentary dive under $60,000 levels for the first time in over a month.

As of press time, Bitcoin (BTC) is trading at $60,594 with a market cap of $1.14 trillion. This has been the first major single-day price crash for Bitcoin ever since the launch of the Bitcoin Futures ETF last month.

Besides, the recent price crash also comes after the U.S. passes its $1 trillion infrastructure bill on Monday along with the mention of new measures for crypto taxation and crypto regulation. The bill changes the definition of “crypto broker” while proposing additional tax reporting to the IRS.

Apart from Bitcoin, the altcoin space has also come under severe pressure recently. The altcoin space has eroded $100 billion of investors’ wealth in the last 24 hours. It means that altcoins have contributed to 50% of the overall market correction.

All of the top ten altcoins have corrected anywhere between 9-12% as of writing this story. After hitting its all-time high above $4,800 last week, the world’s second largest cryptocurrency has witnessed more than 12% correction in a week’s time.

As of press time, Ethereum (ETH) is trading 9.35% down at 44,286 levels with a market cap of $15.8 billion. Etheruem has been one of the top-performing altcoins with over 5x returns since the beginning of this year. The world’s second-largest cryptocurrency has continued to outperform Bitcoin since the major market crash of March 2020.

Other altcoins are also into deep correction. Ethereum-killer Solana (SOL) which touched its all-time high above $250 last week is down today by 8%. Another Ethereum competitor Cardano (ADA) has also lost more than 10% dropping under its crucial support levels of $2.00.

Polkadot (DOT) appears to be the biggest loser in the top-ten altcoin segment and is down 12% as or writing this story. Also, on the weekly chart, the DOT price has corrected more than 20%.