The cryptocurrency market is witnessing a major dip that wiped off almost $200 billion from the crypto market in just about 24 hours.
The bitcoin price has dropped at least 10% over the last 24 hours taking it under $40,000, making this the biggest dip since the summer of 2021. Meanwhile, ethereum, BNB, solana, cardano, and XRP have dropped between 7 and 11 per cent.
Ethereum has dropped under $3000 per ether level being the world’s second-largest cryptocurrency after bitcoin.
The sudden sell-off follows as stock markets sink with Nasdaq 100 falling into correction territory making investors face the high-interest rates slammed by the Federal Reserve.
The crypto market had hit an all-time high of $3 trillion in November and now has $1.2 trillion wiped off from the combined crypto market.
While some cryptocurrency holders think this is the time to ‘buy the dip’, calling it a golden opportunity to invest, others are more pessimistic about the currency they hold estimating even lower levels in future.
Here’s how netizens are reacting to the #BitcoinCrash:
Also read: Bitcoin slips below $50k after Musk says Tesla won’t take it
