Market Update: Crypto Market Tanks Under $1.4 Trillion, BTC Drop 7%, ETH Drop 9%

Not a pleasant Sunday for crypto investors as there is a new carnage on the streets of Satoshi. The total cryptocurrency market fell 8.39% to just under $1.4 trillion at the time of writing this story. The world's largest cryptocurrency is down 7% and is currently trading at $34,632 with a market cap of $629 billion. Bitcoin is failing to maintain critical support levels and amid China's recent crackdown on local miners, the hash rate of the Bitcoin network has also dropped another 30%. After hitting $40,000 last Tuesday, Bitcoin is trading under constant pressure and the next level now looks to be $30,000. Since Bitcoin has been associated with the stock market lately, it risks further price drops if Wall Street comes under pressure. Citing the strength of US Dollar Index (DXY) analyst Willy Woo, he noted that money flows back into the USD as investors seek certainty. This could potentially lead to weakness in the equity markets. Therefore, BTC continues to risk further corrections after this point. A quick look at the altcoin market Ethereum (ETH) is down 9% today, approaching the USD 2000 levels but staying well above them. After hitting an all-time high of $4400 in mid-May, ETH has been trading sideways for a while. ETH price is now down more than 50%. Dogecoin (DOGE) and XRP are the biggest losers in the top ten, with a 13% crash as of this writing. Polkadot (DOT) gained momentum last week, crossing $25 and has since corrected 20%. Today, the DOT price is down 10% below $20. The overall market scenario is clearly bearish at this stage and the bulls are struggling. With every price increase in the last week, there has been a profit. This is quite a wait and see, as data from market whales and retailers are giving mixed signals. Post Market Update: Crypto Market Tanks Under $1.4 Trillion, BTC Drop 7%, ETH Drop 9%, first appeared on Coingape.

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