Bitcoin, which gained more than 20% in the last week, fell below $ 44,000. This seems like a healthy fix for many experts.
Bitcoin is under $ 44K
Capitalization of the total cryptocurrency market has lost nearly $ 100 billion in recent hours. Bitcoin saw a correction below $ 44,000. However, the cryptocurrency is still up more than 20% weekly.
Corrections do not come as much of a surprise, especially when the market becomes parabolic. After one of the most important developments for the market, Bitcoin price has increased by 20% in the last 7 days.
BTC soared earlier this week when Tesla uncovered a massive $ 1.5 billion Bitcoin purchase by submitting a document to the SEC. Bitcoin touched a high close to $ 50,000 and today’s correction should come as no surprise to many.
BTC is currently trading around $ 44,400, with an intraday low of $ 43,746 on Bitstamp.
In any case, the long-term trend remains largely intact.
However, today’s decline saw a total liquidation of about $ 1.17 billion, of which about 80% were in long positions.
Although most altcoins remain green for a 24-hour time frame, many altcoins have also been fixed in the past few hours.
This most recent decline resulted in the removal of about $ 100 billion of total market capitalization, as Bitcoin’s dominance is at 62%.