Red Thursday: BTC Lost 37% in a Day

Over the past day, the price of BTC has fallen below $4,000 to a new annual low of $3,782. Still, the sharp downward movement was short-lived, the price quickly recovered. At the time of writing (GMT 07:00), the first cryptocurrency is trading at $5048.

Currently, traders are closely monitoring whether the current rebound will lead to a more sustainable increase of price. On Twitter, discussions are underway that a drop below $4,000 per coin liquidated most of the loans offered by decentralized financial platforms (DeFi).

The total market capitalization of cryptocurrency currently stands at $143.14 billion, with Bitcoin dominating at 64.3%. The vast majority of the top 10 altcoins have lost about 50% in capitalization over the past week. Recently, Chainlink (LINK) has been hit hardest than anyone else — Binance exchange saw deals concluded at a price of 0.0001 USDT in the LINK/USDT trading pair. In general, the currency lost almost 57% in 7 days, and is currently trading at $2.0.

Image courtesy of Daily Hodl