Crypto Blood Bath: Bitcoin, ETH, XRP, ADA All Slide as Market Losses Reach $300 Billion
The cryptocurrency market is experiencing a significant downturn, with major coins plummeting and market capitalization shrinking dramatically. Investors are reeling from fresh regulatory pressure and increasing doubts surrounding the long-term stability of the crypto market.
Bitcoin ($BTC) Takes a Relatively Light Hit
While the broader market bleeds, Bitcoin ($BTC) took a relatively light hit, sliding just over 2% to $93,417 at the time of writing. It came dangerously close to $93,000 earlier before finding mild support. Despite this relatively modest dip compared to altcoins, the overall sentiment remains cautious.
Altcoins Lead Today's Crypto Bloodbath
Altcoins are leading today’s crypto bloodbath with top assets like Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) correcting significantly. The selling pressure is widespread, impacting almost all corners of the digital asset space.
Ethereum (ETH) Plunges, XRP and ADA Suffer
Among Besides Bitcoin, altcoins have also suffered notable losses, with Ethereum (ETH) plunging 19% to trade at $2,350. Other prominent altcoins like XRP and Cardano (ADA) are also experiencing considerable downward pressure. Solana (SOL), valued at $121 at the time of writing, is also feeling the heat.
Market Capitalization Erased: $300 Billion Lost
The impact of this widespread sell-off is staggering. On Tuesday, the Kobeissi Letter posted on its social media platform X that crypto markets had erased -$325 billion of market capitalization since Friday morning. This massive value destruction underscores the volatility inherent in the cryptocurrency market.
Bitcoin, Ethereum, XRP, Solana- All in Red
Bitcoin, Ethereum, XRP, Solana- All in Red: Cryptocurrency market fell as major coins plunged after fresh regulatory pressure and investor doubt. Bitcoin fell 0.89% to $93,417.
Investors are advised to exercise caution and conduct thorough research before making any investment decisions in the current volatile market environment.