Crypto Market Slides: Bitcoin and Ethereum Under Pressure

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The total crypto market cap is down by $100 billion in just a couple of days.

After it was rejected at $78,000 earlier this week, bitcoin’s troubles worsened with a nosedive to a monthly low of just over $74,000, where it finally found some support.

Most altcoins have followed suit on the way down, with ETH dipping to $2,000 today, BNB going down to $640, and XRP sliding to $1.31.

BTC Charts Monthly Low
The progress made on the CLARITY Act at the end of the previous week resulted in an impressive but short-lived BTC price pump that drove the asset to $82,000. However, it was almost immediately rejected at that level for the second time that week, but this correction has been a lot more painful.

The cryptocurrency first slipped to $79,000 by that Friday before it dropped to $78,000 during the weekend. The business week began on the wrong foot with a nosedive to $76,000. After it bounced to $78,000 on Tuesday and Wednesday, the bears stepped up on the gas pedal once again and didn’t allow a more impressive rebound.

Just the opposite; bitcoin dropped to $76,000 yesterday evening and kept plunging on Saturday to $75,000 at first and then to $74,200 minutes ago. The latter became BTC’s lowest price point in just over a month. Here are some possible reasons for its $8,000 drop in less than 10 days.


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