Fear is covering the market when Bitcoin price have not yet shown any positive recovery signal, even the downward momentum is getting stronger

Fear is covering the market when Bitcoin price and large-cap Altcoin series have not yet shown any positive recovery signal, even the downward momentum is getting stronger.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price today: Cryptocurrency market panic, Bitcoin retreats

A few hours ago, Bitcoin price was trading at $44,141, down 4%. At press time, BTC is trading around $44,787. In the last 24 hours, Bitcoin traded as low as $42,102 and as high as $46,622. Coinmarketcap statistical data shows that Bitcoin trading volume during the above period was $75 billion, capitalization recorded at $817.1 billion.

The plunge in Bitcoin has dealt a blow to smaller-cap altcoins. The top 10 Altcoins are covered in red. Specifically, Ethereum fell 7.3% to $3,302, Binance Coin fell 7.8% to $513.8, Cardano fell 9.8% to $2.04, Dogecoin fell 5% to $0.488, Tether slightly down 0. 03%, Polkadot down 7.8%, Bitcoin Cash down 7.7%, Litecoin down 3.7%.

The strong plunge made the total market capitalization recorded at 6:30 am at $ 2.030 billion, a sharp decrease of $ 120 billion compared to the last 24 hours. However, the 24-hour trading volume on the market reached $231 billion, up 8.7% from yesterday.

The recent sudden drop in Bitcoin is related to the announcement of Elon Musk by billionaire Elon Musk to stop accepting payments in Bitcoin. Accordingly, on May 12, Tesla said that it will suspend car purchases with Bitcoin due to concerns that the use of fossil fuels to mine Bitcoin is increasing rapidly.

Elon Musk said:

“We are concerned about the rapid increase in the use of fossil fuels for mining and trading this cryptocurrency.”

Although Bitcoin and the market are bleak, crypto analyst Hans Zimmer from Voyager Crypto believes that investors need to stay calm. According to him, Bitcoin needs time to recover, the cash flow will return to the market.

Source: AZCoin News

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