Bitcoin Recent Drop Below $30K Decreased $80 Billion From Crypto Market

As the effects of the recent bloodbath in the crypto market started vanishing, the fledgling Bitcoin, after a long time, reached near the $32,000 level yesterday. But again, it failed to hold above $30,000.

Following nine red weekly candles, BTC retested $31,700 in the first green week on June 06 and then plummeted sharply in the next 24 hours at $29,000. Fortunately, BTC’s price is rising again and currently trading above $31,000. The fall of the fledging coin leads altcoins to face dumps, too, mainly affecting the prices of SOL, AVAX, and BNB.

Related Reading | Institutional Investors Refocus On Bitcoin As Market Losses Intensifies

Continuos price drops, which nearly declined the asset by over 6%, signified that investors were taking profits after a long-lasting bearish trend.

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