Cryptocurrency News

Crypto Market Undergoes a Minor Sell-Off, BTC Drops Below $45,000

By April 6, 2022 No Comments

Key takeaways:

  • Bitcoin has dropped close to its weekly low below the $45,000 mark after losing over 4% in the last 24 hours
  • Virtually all digital currencies in the crypto top 100 have been trading in the red zone, apart from GMT, which gained 18%
  • Bitcoin is currently holding steady around the $44,750 support level

The market sheds more than $100 billion in the last 24 hours

After trading in a relativity narrow trading range over the past week, Bitcoin dived below the $45,000 mark today, for the first time since April 1st. Bitcoin’s negative price movement reverberated across the crypto market and sparked a minor sell-off, which saw the majority of digital assets enter the red zone in the last 24 hours.

Bitcoin lost over 4.5% today and dipped very close to its weekly low.

As alluded to above, Bitcoin’s slump has sparked a broader market pullback, with virtually all digital assets in the crypto top 100 experiencing notable losses. Among the major coins, Solana (-9.7%), Avalanche (-9.6%), Polkadot (-8.5%), and Cardano (-7.9%) have incurred the largest losses. 

In total, the combined value of all digital currencies in circulation shrank by 5.5% and dropped from $2.215 trillion on Tuesday to $2.123 trillion today.

The notable exception among the top 100 largest market cap currencies was Green Metaverse Token, which apparently remained completely unphased by the broader market trend and has grown by an additional 18% in the span of the last 24 hours.

It will be interesting to observe where the market shifts in the upcoming days. It seems that the major support zone at $44,750 is currently holding steady. If Bitcoin ends up falling below that level, the next notable support levels lie at $44,000, $42,950, and $42,000.