Crypto Markets Lose $100 Billion As Bitcoin Drops Below $26K – More Pain Ahead?

The broader crypto markets have been particularly shaken up in the previous 24 hours, with Bitcoin falling below the $26,000 threshold once more. Bitcoin is currently selling at $25,168.94, down 16% in the last week, according to statistics from Coingecko published on Monday. As Bitcoin fell to its lowest level since late 2020, the entire cryptocurrency market is feeling the squeeze of recession fears, which could deter investors from placing riskier wagers. Suggested Reading | Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion However, alternative coins are affected far as severely. Ethereum, for instance, has fallen below $1,500, down 70 percent from its all-time high of over $4,900 in November 2021. In the past 24 hours, Dogecoin, TRON, and Avalanche all witnessed double-digit losses. The overall market capitalization of cryptocurrencies has been trading in a declining channel for the past month and is currently supported at $1.17 trillion. The crypto market has become increasingly tied to traditional equity markets in recent months (CNBC). $100-B Wiped Out From Crypto Market The cryptocurrency market lost more than $100 billion over the weekend after United States Treasury Secretary Janet Yellen offered a gloomy crypto warning. The market valuation of Bitcoin has decreased to $520 billion. The silver lining for BTC bulls is that their control over alternative cryptocurrencies has increase...