Bitcoin Crashes to $93K as Retail Investors Exit Positions
The bitcoin price crashed further on Thursday in the latest cryptocurrency market rout, driven by a fast and furious selloff by retail investors seeking to make a quick profit.
Data showed that Bitcoin (BTC-USD) is trading at $93,400 at the press time, falling from about $102,000 on account of sustained profit taking and the negative effects of a slump in exchange-traded fund digital assets. Hence, the global crypto market cap declined to $3.28 trillion, according to data from CoinMarketCap.com, a 2.14% decrease over the last day.
Skew to the sell side, the total crypto market volume over the last 24 hours reached $165.66 billion, which makes a 9.83% decrease following a switch in investors’ mood.
The total volume in DeFi settled at $12.29 billion during the trading hours, accounting for 7.42% of the total crypto market 24-hour volume. The volume of all stable coins is now $152.48 billion, which is 92.04% of the total crypto market 24-hour volume, according to CoinMarketCap.com.
On Wednesday, major digital assets dropped, with Bitcoin (BTC-USD) hovering around the $94,000 level. The CoinDesk Market Index, which tracks 124 digital assets, fell 2.8%. However, the Nasdaq 100 was little changed, while the Dow Jones Industrial Average and the S&P 500 both edged up 0.1%.
Bitcoin, the most popular cryptocurrency, declined 2.4% to $94,039 over trading volume of about $64.85 billion. Ethereum (ETH-USD), the second-largest digital asset by market value, dropped 2.9% to $3,283.
XRP (XRP-USD) rose 2.7%, while Solana (SOL-USD) shed 4% and BNB (BNB-USD) fell 0.7%. Dogecoin (DOGE-USD) dropped 3.8%, and Cardano (ADA-USD) tumbled 7.5%. The US 10-year Treasury yield closed at 4.691%, up from Tuesday’s close of 4.683%, while the five-year yield eased to 4.463% from 4.465%.
The total market value of the cryptocurrency industry declined 2.8% in the past 24 hours to $3.28 trillion, while the total 24-hour trading volume increased 12% to $173.73 billion. #Bitcoin Crashes to $93K as Retail Investors Exit Positions Cryptocurrencies Market Cap Rises as Bitcoin Pops Higher
