Bitcoin and other cryptocurrencies have experienced a significant drop in value over the past 48 hours, with the total market losing $150 billion. The decline in prices was mainly driven by economic uncertainty in the US, which caused Bitcoin to plummet to $60,500, its lowest point in almost three weeks.
Altcoins have also taken a hit, with coins like SOL, TON, and UNI seeing a drop of over 5% in the past day. Ethereum has slipped below $3,000, while BNB is trading below $550.
The decline in prices can be attributed to concerns about the US economy, particularly after a weak job report was released, indicating the highest unemployment rate since October 2021. This led to a wave of selling among investors, with many withdrawing funds from Bitcoin ETFs and causing a crash on Wall Street.
Despite the recent losses, Bitcoin has managed to recover some ground and is currently trading close to $62,000. Its market cap has fallen to under $1.220 trillion, with a dominance over other cryptocurrencies at around 53%.
The overall cryptocurrency market has seen a significant decrease, with the total market cap dropping to $2.3 trillion. This represents a $100 billion decline since yesterday and a $150 billion drop over the past two days.
In addition to the price drops, several altcoins have also experienced significant losses, with coins like Solana, Toncoin, and Uniswap seeing declines of over 5%. Other coins like FLOW, MKR, WIF, and JUP have also seen double-digit losses.
Despite the current market conditions, some exchanges are offering special promotions to attract new users. For example, Binance is offering a $600 welcome bonus to new users, while BYDFi Exchange is offering up to $2,888 in rewards for opening a position.
It is important for investors to conduct their own research before making any investment decisions, as the cryptocurrency market can be highly volatile.
Overall, the recent price drops in the cryptocurrency market highlight the importance of staying informed and being cautious when investing in digital assets.