BTC dropped beneath $34K today following the current $100 billion crypto market sell-off.
The recent negative sentiment in the market has left cryptocurrencies struggling with ups and downs. As a result, on Monday, the digitals coins saw the overall market capitalization dropping beneath $1.4 trillion.
According to Coinmarketcap latest data, the leading digital coin, Bitcoin, crashed beneath $34K today. When writing this, Bitcoin’s market cap hovers near $640 billion.
The crypto market had had downtrends for the past five weeks. Keep in mind that the total crypto market cap reached $2.6 trillion, the highest, in the early weeks of May this year. However, a market crash followed, sending the total digital coin’s value down around $1.25 trillion on 24th May.
Multiple reasons accounted for the recent crypto market sell-off. Market experts view the Chinese stiffer moves on digital coins as the main factor behind the crash. Also, Tesla CEO Elon Musk criticized BTC on environmental concerns, after which the leading crypto fell drastically.
Meanwhile, MicroStrategy CEO Michael Saylor cited the clampdowns by China on crypto mining facilities as the driving force in the cryptocurrency market fall. Keep in mind that China has been a mining hub for years. However, most miners are now exiting the country due to the harsh crypto environment created by regulators. Michael Saylor views the move as a loss for China, while other countries will enjoy long-term benefits.
Crypto Holders
From the latest data by Santiment, a crypto analytic company, cryptocurrency whales continue to accumulate digital coins in large amounts, regardless of the recent sell-off. The report highlighted BTC declining to its 12th June mark, $34K. On the other hand, whale accounts holding at least 1K BTC extends their accumulation patterns. Moreover, mid-tier crypto holders (10 to 1000 BTC) are not shrinking.
The recent crypto market has seen Grayscale’s crypto AUM (assets under management) dipping. For now, the asset management company holds crypto AUM worth around $34 billion. That is a recognizable decline from more than $50 billion in 2021 May.
You can hardly predict where the market will move next. Be careful whenever you plan to invest in such market conditions.
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