Bitcoin Sinks 40% from Year High to $28,600

Bitcoin Sinks 40% from Year High to $28,600

The oldest and most expensive crypto asset, Bitcoin (BTCUSD) fell 8.89% in the past 24 hours to $28,600 early on Thursday, losing more than $2,200 from its previous close.

The past few weeks have been a bloody trading session across the exchange as major crypto assets prices have been lowered due to weak sentiment driven by fears.

The largest cryptocurrency by market value is down 40% from the year’s high of $48,234 on March 28 amidst increased global acceptance doused by Russia’s invasion of Ukraine.

Consequent to the selloffs triggered by uncertainties in the global economy, cryptocurrency market capitalisation dipped 12.53% to $1.25 trillion. READ: Ethereum Hits Post-Crypto Crash Peak, Bound for $5,000

According to market data, the most popular cryptocurrency’s trading volume was at $64.91 billion, up 2.3%. Also, Ethereum (ETHUSD), the second-largest digital asset, skidded more than 8% to $2,177, extending its year-to-date slump to more than 40%.

Terra (LUNAUSD), the 17th-largest digital asset, tumbled 95% to $1.22 as its stablecoin (USTUSD), which is supposed to maintain its peg with the US dollar, dipped 29% to $0.65.

Neutrino USD (USDNUSD), another stablecoin that is supposed to retain its price at $1, fell more than 15% to $0.81. Gala (GALAUSD), the 16th-largest digital asset, slid 45%.

The cryptocurrency industry’s total market capitalization tumbled in the past 24 hours to $1.25 trillion, down from an all-time high of $3.081 trillion on Nov. 8, according to CoinGecko data. However, some analysts have said the digital assets market rout provides a buying opportunity for new and existing investors interested in making money in the cryptomarket.

# Bitcoin Sinks 40% from Year High to $28,600