Bitcoin’s price dropped to $34.5K, a level last seen when Russia invaded Ukraine. In addition, over $200 billion of the entire market’s capitalization was lost in the past few days, causing nothing but chaos for the industry.
The pioneer crypto is down nearly 10% in the last seven days and has fallen nearly 50% from last year’s high.
The Bitcoin retraced slightly after failing at $40K, but was heavily pressured by the rising U.S dollar after its situation changed for the worse due. Within just a few days, bitcoin fell by more than $4,000 to trade below its 10-week low of $35.5K.
Traders are unwilling to purchase at the critical market capitalization of $1.6 trillion as indicated by weak retail demand and the negative funding rate on altcoins. Further price corrections are likely to follow since buyers are waiting for further dips to buy.
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