Wall Street's Tuesday Crash Triggers $50B Loss in Crypto Markets

“Wall Street’s Tuesday Crash Triggers $50B Loss in Crypto Markets: Market Watch”

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The three largest US stock market indexes plummeted by up to 3% yesterday as the price of Bitcoin failed to decisively overcome $25,000 once again, resulting in a pullback to just below $24,000. Most altcoins suffered even more on a daily scale, with MATIC, OKB, SOL, and several others dumping by around 7%.

Bitcoin Mimicks Wall Street

Cryptocurrency prices have been highly volatile in the past few days. On Thursday, the primary cryptocurrency skyrocketed to and beyond $25,000, registering a six-month high, before dumping just as rapidly to under $23,500.

Another two attempts to overcome $25,000 followed in the past few days, with the latest coming yesterday. Bitcoin took it all the way up to $25,200, but the asset failed once again. The subsequent rejection drove it south hard, and bitcoin found itself at $23,500.

The stock market crashed, and with it, Bitcoin’s price took a nose dive. The S&P 500 and the Dow Jones declined by 2% in a day, while the Nasdaq Composite dropped by over 3%. This has caused Bitcoin’s market capitalization to drop to $465 billion, and its dominance over the alts has increased slightly to 42.6%.

Altcoins in Dark Red

The altcoin market is in a state of decline, with the two largest coins (Ether and BNB) experiencing similar losses as Bitcoin. As a result, ETH is below $1,650, while BNB is under $310.

More daily losses are evident from Cardano, Polkadot, and Shiba Inu (-4%). MATIC and Solana have lost the most from the top 15 alts, declining by more than 6% in a day.

Dogecoin, Litecoin, and Avalanche have charted insignificant gains. However, Filecoin has resumed its recent bullish trend, gaining more than 6% in the past day.

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