Bitcoin Drops to $41K as ‘Sell the News’ Bias Deepens; Ether and pepe Extended the Fall
The crypto market was experiencing turbulence on Friday as major digital assets lost value. After a brief but spectacular rally following the approval of spot Bitcoin exchange-traded funds (ETFs) in the US, the OG cryptocurrency Bitcoin has seen a steady decline in prices.
Negative headwinds in the crypto market continue, with more than $247 million worth of cryptocurrencies liquidated in the last 24 hours. According to data from CoinGlass, only approximately $68 million worth of Bitcoin long positions were liquidated during this period.
The price of Bitcoin (BTC) has fallen by another 3.6% in the last 24 hours. At one point, BTC price dropped to a one-month low of $40,800. However, Bitcoin has recouped some losses and was last seen changing hands at $41,080. While Bitcoin’s market value dropped to $806 billion in the last 24 hours, transaction volumes increased by over 30% to $26.6 billion.
The third largest cryptocurrency, Ethereum, also declined, losing 2.8% in the last 24 hours to $2,460. At the time of writing, Ether had a market value of $295.5 billion, while transaction volumes increased by 18% in the last 24 hours, reaching $11.9 billion.
tether (USDT) price increased marginally to $0.99, while BNB increased by 0.6% to $311.25. The remaining top 10 cryptocurrencies by market capitalization have seen a sharp decline in their prices over the last 24 hours.
solana (SOL) price decreased by 6.7%, XRP price decreased by 3%, Cardano (ADA) price decreased by 5% and Avalanche (ADA) price decreased by over 7%. Popular meme coins dogecoin (DOGE) and Shiba Inu (SHIB) lost over 3%.
Consistent with the negative sentiment, the global crypto market fell approximately 3.5% to $1.62 trillion. The fear and greed index level remained at 56, indicating that investor sentiment has taken a hit.
Top 3 Cryptocurrencies For Today
Pepe Price Dropped Over 5 Percent
The price of Pepe Coin decreased by over 5% in the last 24 hours, falling to $0.000001125. As a result, its market value dropped to $473.7 million. Trading volume in the last 24 hours increased marginally to $73.3 million.
Pepe Price Table
SEI Price Dropped 9%
sei network‘s eponymous token has seen its prices drop more than 9% in the last 24 hours. While the price of SEI was at $0.717 at the time of writing the news, its market value dropped to $1.7 billion. 24-hour trading volume decreased by 5% in the last 24 hours, reaching approximately $502 million.
SEI Price Table
Conflux Price Increased About 2%
Conflux, the eponymous token of the Tier 1 public blockchain Conflux, is up nearly 2% over the past 24 hours to $0.1985. While the market value increased to 720.8 million dollars, transaction volumes increased by 257% in the last 24 hours to 224.3 million dollars.
Conflux Price Table; All Image Credits: CoinMarketCap
Also Read: US SEC Postpones Fidelity Spot Ethereum ETF Decision to March
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