• Bitcoin (BTC) crashed by $1,000 overnight, leading to the loss of $30B in crypto markets.
• Most altcoins have turned red, with Binance Coin being a notable exception as it jumped above $330.
• After several days of trading sideways, BTC experienced massive volatility that drove it south by roughly a grand.
Bitcoin Crashes Overnight
Bitcoin (BTC) experienced some major volatility which drove its price down by roughly a thousand dollars overnight leading to the loss of over $30 billion from the crypto markets. Altcoins have also declined in value and only Binance Coin has managed to buck the trend and jump above $330.
Previous Market Movement
After several days of trading relatively flatly, BTC had surged past $27,000 and neared the psychological level of $30,000 before retracing due to false reports regarding First Republic Bank. Despite this setback, BTC nearly reached this milestone again but was rejected before dropping significantly in value.
Sunday’s Market Movement
On Sunday night bitcoin once again surged towards the crucial mark of $30,000 but was quickly rejected resulting in an almost two grand drop to around $28,300 on Bitstamp. This major dip caused other altcoins to follow suit and most are currently in negative territory for the day.
Solana Among Poorest Performers
Solana is one of the poorest performing top 10 altcoins having dropped more than 6% since yesterday morning. The rest of these assets are also down with Ethereum Classic falling more than 4%, XRP decreasing 1%, Litecoin dropping 1% and Chainlink sliding 3%.
Conclusion
The cryptocurrency market saw some major fluctuation on Sunday night as bitcoin dropped by almost two grand after attempting yet again to break past the important resistance levels at around $30,000. Most altcoins followed suit with Solana among the poorest performers while Binance coin remained relatively stable near its all-time high prices above 330$.