Bitcoin, along with most other cryptocurrencies went through overnight selling on the 23rd of May with several tokens plummeting to all-time lows. The sell-off as a result that took place throughout the market resulted in the cryptocurrency market dropping around $250 billion over an overall value of $1.33 trillion.
As a result of this, the market cap of the firm is now on the verge of getting through a pullback of 46% from its all-time high of $2.56 trillion. The events that recently took place have really shaken the entire crypto sphere with most of the traders scrambling to pick up whatever gains that they experienced throughout the run-up.
Bitcoin Rushing Through Pullbacks
This newest wave has managed to crash the entire dynamic of Bitcoin, with the current price at $31,000 from its previous value of $36,000. Ethereum was also hit with a drawdown of 20% with the value which goes below $2,000 for the week’s second time- which has marked a steep decline of 56% from its all-time value of $4,362 which was set up on the 12th of May.
The magnitude of the pullback that Bitcoin has initiated is going to reduce over the course of several weeks- with the price decline coming in. Nonetheless, this continued selling has already managed to shave off around 30% from the price rout of the altcoins. Polkadot fell to around 40% to an all-time low of $14 with Solana shedding around 36% of its overall value at $19.
Investors have since called on Elon Musk to stop posting anything about the digital currency. The Tesla founder’s cost seemingly has an extremely heavy impact and influence on the markets. Nevertheless, the fall does not seem permanent as Bitcoin rose to $38000 again at the end of the day.
