
In what crypto experts have termed as ‘correction time' for cryptocurrencies, Bitcoin on Tuesday underwent a significant dive of 1.30 pc falling to $41,840, the second consecutive day of BTC steering through the losses.
The most expensive cryptocurrency has dipped by $186 during the last 24 hours, falling from a price point of nearly $44,000 since previous Tuesday.
Besides Bitcoin, among other loss-making cryptocurrencies were also Shiba Inu, Stellar, Uniswap and Litecoin.
Read more: Bitcoin surpasses $40,000 amid growing momentum
Meanwhile, Binance Coin, Solana, Cardano, and Avalanche remained on the list of profit-making cryptocurrencies.
Ether faced a slight decrease of 0.42 (approximately $5pc) today, and now it's being traded at $2,229.
“Ether witnessed $34.64 million in liquidations over the last 24 hours, with the majority ($34.24 million) stemming from long position liquidations,” Gadgets360 quoted Rajagopal Menon, Vice President of WazirX, as saying.
Alongside BTC and ETH, several other cryptocurrencies — including Tether, Ripple, USD Coin, Dogecoin, Chainlink, and Polygon — also had to bear losses today.
According to CoinMarketCap, the total value of the entire crypto market dropped by 0.32 per cent in the past day. The current worth of the crypto industry is now $1.57 trillion.
“While it initially seemed like a market shakeout, signalling a potential recovery, more confirmations are needed. The ongoing correction might be a bear trap, constituting a healthy adjustment within the broader bullish trend established in recent months. Notably, the announcement of Monthly US CPI data today could introduce additional volatility to the market,” the CoinDCX research team told Gadgets360.