The price of bitcoin fell 6% overnight, despite some gains in the middle of the week, as the global cryptocurrency market lost a staggering 4.1% ($78 billion) of its total market capitalization.
Bitcoin started the week on a discount, with Monday’s lows hitting a low of $37,518, according to CoinMarketCap.
The world’s leading cryptocurrency then surged 20% in 48 hours to hit $45,077 by Wednesday. At that moment, Bitcoin was hovering above traditional financial markets like the S&P 500 and Nasdaq, both of which seemed to be weakening amid global uncertainty caused by the Russian invasion of Ukraine.
But Bitcoin’s mid-week rally was short-lived. At a current price of $38,014, Bitcoin is down about 16% from Wednesday’s high.
Overall, the global crypto market has been bearish since Friday, when it lost $98 billion in total market volume.
At Friday’s peak, Bitcoin traded at $42,480, but most of its gains were quickly wiped out in the 12 pm GMT when prices dropped to $38,806, a loss of about 8.6%.
Ethereum also fell today, but not as much. The second largest cryptocurrency by market capitalization fell 2.15% overnight to trade at $2,645.
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https://decrypt.co/94446/bitcoin-slides-6-overnight-back-under-40k
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