Sudden $ 400 Billion Crypto Price Rout sees Bitcoin crash below $ 60,000 as Ethereum, BNB, Solana, Cardano and XRP collapse

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Bitcoin and cryptocurrency prices have fallen sharply over the past 24 hours, with the price of bitcoin slumping below $ 60,000 per bitcoin.

Other major cryptocurrencies, including Ethereum, Binance’s BNB, Ripple’s solana, cardano and XRP, also fell, losing between 7% and 10% of their value.

The sudden crypto price crash wiped an estimated $ 400 billion from the combined crypto market, which reached a record high of around $ 3 trillion last week.

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The price of bitcoin hit a record high of nearly $ 70,000 per bitcoin last week, but has since … [+] lost more than 10% of its value. Ethereum, Binance’s BNB, Ripple’s solana, cardano and XRP also fell from recent peaks.

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“Cryptocurrencies have seen a massive selloff, taking major cryptos below recent short-term support lines,” said Alex Kuptsikevch, senior financial analyst at FxPro, in comments sent via email.

“A stronger dollar against major currencies and a desire to lock in profits triggered a strong but relatively even sell-off overnight. The cryptocurrency’s market cap collapsed 7.5% over the years. past 24 hours to reach $ 2.66 trillion, breaking a long consolidation. “

The sudden drop in the price of crypto comes after bitcoin experienced its first major upgrade in four years over the weekend. The price of bitcoin had climbed as the long-awaited upgrade approached and approached $ 70,000 per bitcoin last week for the first time.

“Once again, bitcoin has done what it does best to defy expectations,” said Mikkel Morch, executive director of crypto hedge fund ARK36, in comments sent via email. “After hitting an all-time high near the $ 69,000 level last week, all investors expected the trend to continue immediately.”

Ethereum, the second largest cryptocurrency after bitcoin, also hit an all-time high of nearly $ 5,000 per ether last week. The price of ethereum has now fallen back to around $ 4,100.

“As long as Ethereum stays above $ 3,900, this is just another healthy test,” Simon Dedic, managing partner of London-based investment firm Moonrock Capital, said via Twitter.

Bitcoin, ethereum, and most other major cryptocurrencies have skyrocketed this year, with many seeing triple-digit percentage increases. The price of bitcoin has doubled since the start of 2021 while the price of ethereum has increased by over 400%.

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MORE FROM FORBESCrypto Price Prediction: Bitcoin Could Lose Crown To Ethereum By 2022, Even After Sudden $ 70,000 Rise By Billy Bambrough

The price of bitcoin fell below $ 60,000 per bitcoin for the first time since late October, … [+] lowering the price of Binance Ethereum, BNB, Solana, Cardano and XRP.

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However, the latest crypto price rout has so far failed to deter some investors who remain confident that bitcoin, ethereum and other cryptocurrencies will rally at the end of the year. .

“For now, the overall structure of the bull market remains largely intact,” added Morch.

“The cryptocurrency fear and greed index has so far failed to respond to yesterday’s industry spill, ending at 71, still in greed territory, which bears little resemblance to sentiment in the markets this morning, “Kuptsikevch said, warning traders should be careful of” a short-term breakout or shakeout “.

“The $ 57,500- $ 60,000 area focuses on the 50-day moving average and the 61.8% retracement level from the rise since late September. If bitcoin does not get support from solid buy in this area, it could pave the way for $ 52,000. “

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