The downward trend in the Bitcoin and crypto market continues

Bitcoin continued its downtrend today, hitting a low of $ 55,861, its lowest price this month. The world’s first cryptocurrency is down 18.6% since hitting a new all-time high of over $ 69,000 last week. Bitcoin’s price dip comes amid battles across the crypto market, which has lost over $ 400 billion of its total market cap this week, according to CoinGecko data. Bitcoin was trading at $ 56,225 at press time.

Brief information

  • The crypto market briefly topped $ 3 trillion on Monday and has fallen more than 15% since then. ETH, BNB and SOL also suffered double-digit slumps in the past seven days, with ETH falling 14.6%, BNB 13.4% and SOL 17.2%. Crypto’s total market cap is just under $ 2.6 trillion at press time.
  • Despite the overall decline, the two top 20 cryptocurrencies Avalanche (AVAX) and Coin (CRO) hit all-time highs this week. AVAX soared after Deloitte announced a strategic alliance with Ava Labs to build an Avalanche blockchain-based platform to reduce disaster recovery bureaucracy. And the rise of CRO followed’s blockbuster deal to acquire the naming rights to Los Angeles’s iconic arena, the Staples Center. Both suffered double-digit slumps shortly after setting new records.
  • The metaverse maintains its bullish momentum. MANA, the virtual currency in Decentraland, rose 45.6% in the past seven days and hit a new all-time high of $ 4.25 today. SAND, The Sandbox’s utility token, is up 65.4% in the past seven days, hitting an all-time high of $ 4.64 on Thursday.
  • More than $ 1.6 billion long positions and $ 446 million short positions in the crypto market have been liquidated since Monday, according to crypto futures information provider Coinglass.

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