Bitcoin Falls Below $89K as Sell Pressures Hit Cryptos
Sustained sell pressures have sank the market value of all cryptocurrencies below $3 trillion, with Bitcoin trading below $89,000 during trading hours on Wednesday. Ethereum also experienced a significant price decline, just like other top digital assets where investors booked profit.
The global crypto market cap settled at $2.94 trillion, trending below $3 trillion mark on the back of stronger retail selloffs. However, there was a touch of early rally, and fluctuation in prices has become more pronounced in the crypto market amidst uncertainties.
According to data from CoinMarketCap.com, the total crypto market volume over the last 24 hours printed at $144.16 billion, which makes a 22.47% decrease.
Data show that the total volume in DeFi is currently $8.84 billion, accounting for 6.13% of the total crypto market 24-hour volume. The volume of all stable coins is now $136.27 billion, which is 94.52% of the total crypto market 24-hour volume.
Major digital assets slumped Tuesday, with Bitcoin (BTC-USD) tumbling below $89,000. The CoinDesk Market Index, which tracks dozens of digital assets, including Bitcoin, slumped 6.1% in the past 24 hours. The Nasdaq 100 dropped 1.3% in late trading, the S&P 500 shed 0.4% and the Dow Jones Industrial Average rose 0.3%.
Bitcoin slid 6.5% to $88,179, according to CoinMarketCap data. The most popular cryptocurrency’s 24-hour trading volume more than doubled to $91 billion. Ethereum (ETH-USD), the second-largest digital asset by market value, fell 6% to $2,497.
XRP (XRP-USD) dropped 6.1%, BNB (BNB-USD) eased 1.7%, and Solana (SOL-USD) declined 4.8%. Dogecoin (DOGE-USD) was 6.5% lower, while Cardano (ADA-USD) lost 5.9%.
The US 10-year Treasury yield stood at 4.296%, down from 4.391% Monday, while the five-year yield eased to 4.129% from 4.226%. The global cryptocurrency market value decreased 5.3% yesterday due to a selldown in digital assets. #Bitcoin Falls Below $89K as Sell Pressures Hit Cryptos Yield Slips ahead of CBN’s N530bn Treasury Bills Auction
