Crypto Market Continues to Bleed as Bitcoin Dropped to $82,000

The cryptocurrency market is facing another downturn, with Bitcoin and Ethereum leading the latest decline.

Bitcoin briefly touched $82,000 before rebounding slightly to $84,200, marking a 5% drop in the past 24 hours and a 13% decline over the past week. The leading cryptocurrency now holds a market cap of $1.67 trillion, with a 24-hour trading volume of $64.8 billion.

Ethereum has also suffered significant losses, currently trading at $2,300 after a 6.4% decline in the past day and a 14% drop over the last week. The second-largest cryptocurrency’s market capitalization stands at $281.4 billion, with a 24-hour trading volume of $29.3 billion.

Among the hardest-hit assets, Mantra has emerged as the biggest loser, shedding 8.4% in the past 24 hours. The token is now priced at $7.08, with a market cap of $6.9 billion.

The overall crypto market has not been spared, with the total market capitalization plunging to $2.77 trillion, reflecting a 5% decline in just one day. The latest downturn has triggered widespread liquidations, raising concerns among investors about the market’s near-term trajectory.

While crypto markets are no strangers to volatility, the scale of the current downturn has left traders on edge. Whether this decline signals a deeper correction or a short-term setback remains to be seen, but for now, the market continues to grapple with uncertainty.

The 1-day technical analysis continues to show the bearish sentiment with the summary pointing to “sell” with 13 signals, while moving averages show “strong sell” with. Despite this the oscillators flipped to “buy” with 4 signals.