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Bitcoin Price Falls Below $40K As Crypto Markets Lost $80 Billion

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After a few days of consolidating above the $40,000 mark, bitcoin slipped below that level to a new monthly low.

The altcoins are also deep in the red today, with ETH dumping beneath $3,000 and even more substantial price losses from Ripple, Solana, Cardano, Terra, and Polkadot.

Altcoins Enter the Red Sea

The past few days were rather calm in the altcoin market, with little-to-no substantial price movements. Today, though, the situation is mainly different.

Ethereum leads the adverse trend with a price decline of almost 5%. As a result, the second-largest cryptocurrency has dropped below $3,000 for the third time this month.

Binance Coin struggles at around $400 after a 3.5% daily decrease. Just until yesterday, BNB was close to $420.

ALSO READ: World’s Top Ten Richest Crypto Billionaires In 2022 – Forbes

More painful daily drops come from Ripple (-6%), Solana (-5.5%), Cardano (-7%), Terra (-5.5%), Avalanche (-6%), Polkadot (-7%), Dogecoin (-6%), and Shiba Inu (-6%).

Even more losses are evident from KNC (-11%), Filecoin (-11%), Waves (-10%), Zilliqa (-10%), EOS (-10%), STEPN (-10%), and others.

Ultimately, the crypto market cap has seen $80 billion evaporate, and the metric is down to $1.8 trillion.

Bitcoin Marks Monthly Low

Following last week’s enhanced volatility, in which bitcoin fell from $45,000 to around $40,000, the asset had calmed around the latter. As reported over the weekend, BTC stood just above $40,000 and even took a swing at $41,000 yesterday, but to no avail.

Just the opposite, the bears came out to play and pushed it south. As a result, bitcoin dumped below $40,000 for the second time in the past ten days and kept losing value.

This time, BTC dumped to $38,600 (on Bitstamp), which became the asset’s lowest price point since March 16. As of now, it stands a few hundred dollars north, but its market capitalization has declined to below $750 billion.

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Anthony Chinonso Ogbonna is the editor of Techuncode media. He is a seasoned journalist whose stint cuts across broadcast, print and, especially, the online media. A graduate of Mass Communication from the University of Nigeria, Nsukka (UNN), Anthony holds a Masters Degree in Multimedia Journalism. He aligns his belief with those of world tech communities, holding tenaciously that the world is solely driven and can only be best with tech. Furthermore, Anthony believes that technology is simple, fun and is not what one, especially Africans, should be scared of, hence, his passion for telling compelling stories about tech in ways relatable to the ordinary user. He has his hobbies in reading and designing (new hobby though.)

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