06-02-2022 icon

Bitcoin, Ethereum dip by 5% following market correction

By Lucy Adegbe
SEC

Bitcoin and Ethereum, the world’s most powerful cryptocurrencies based on market capitalization, have fallen by 5% in the last 24 hours. Bitcoin fell below $30,000, wiping its gains in recent times.

Bitcoin had briefly boosted the confidence of investors after it rallied to reclaim its $30,000 spot on Monday and hit $32,000 on Tuesday. This was the first time the coin would cross $30k in the last three weeks.

Bitcoin however, failed to retain the upward trend as it fell to $29.5k on Wednesday. The dip led to $155 million long positions to be liquidated. 

At the time of writing, Bitcoin is exchanging hands at $29,994, just $6 away from reaching $30,000

BTC/USD 24-hour trading chart (Source: tradingview)

Ethereum, on the other hand, followed a similar trend, with its price falling by 5.65% in the last 24 hours. The second largest coin exchanged hands at $1,776 in the early hours of Thursday.

At the time of writing, Ethereum is exchanging hands at $1,829.

ETH/USD 24 hour trading chart (Source: tradingview).

It has been a stressful month for Bitcoin and other altcoins. This follows the 99.9% crash of LUNA, the native token of the Terra network and the de-pegging of its UST stablecoin.