It is crypto mayhem as markets dump $230 Billion in Massive Red Friday Selloff. The crypto markets saw a massive 11% chiseling off of its values in the past 12 hours.
The Bloomberg crypto suggests that BITCOIN(BTC) could be reaching its bottom, but angry responders have come down heavily on Bloomberg and accused them of supporting a Ponzi scheme.
One angry Twitter user remarked that the floor for BTC is zero and what Bloomberg is claiming in its tweet. The situation is erringly similar to the May 19, 2021 mayhem when the value of BTC touched its nadir.
— Bloomberg Crypto (@crypto) January 21, 2022
Crypto market cap plunging below $2 trillion for the first time since late September
Crypto markets have been tanking since the morning of January 21, 2022, and hundreds of billions of dollars get wiped off the total market capitalization.
As per data put out by CoinGecko, the crypto market cap has fallen from around $2.15 trillion to a four-month low of $1.92T.
The “fear and greed” index has plunged to an “extreme fear” level of 19 as market sentiment turns increasingly bearish. Of course, much of the mayhem is blamed on BTC, acting like a pied piper charming the investors to their doom.
BTC value crashes with a loss of 7.1% over the past 24 hours
At the time of going to press, BTC was trading at $38,937, its lowest level since August 4, 2021. The past 12 hours have seen Bitcoin dumping around $4,800 in a fall to an intraday and almost six-month low of $38,536. It has now broken through support at the $40,000 range, and further losses look very likely at this stage.
The mayhem of Black Friday is continuing and is affecting high cap crypto assets like Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), and Avalanche (AVAX), all dumping more than 9%.
In addition, Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Polygon (MATIC) have all lost between 7%-9%.
Leaving out the stablecoins, which are trading slightly above the pegs, the lone survivor of the massacre is Bitfinex’s LEO token with a gain of 2.7% to change at $3.77 at the time of press.
Much of the current mayhem on the crypto market is blamed on Russia’s proposed crypto ban. However, the stock market is also crashing and struck by bearish sentiments.