The entire cryptocurrency market has turned red today, with bitcoin plummeting by 10% to its lowest price point since late September.
After consolidating around $47,000 for several days in a row, bitcoin dumped by double-digit percentages in the past 24 hours to a three-month low beneath $43,000. The altcoin space is also deep in the red as the entire market cap lost $200 billion in a day.
Bitcoin Plummets Hard
The past several days seemed quite untypical for bitcoin as the asset remained relatively still around the $47,000 mark. A few exceptions came and disappeared quickly when the bears halted each attempt to go higher rather quickly.
However, it all changed in the past 24 hours. As BTC stood around $47,000 again, it started to lose value rapidly. In a matter of hours, it dumped by more than $5,000 and dropped to an intraday bottom of $42,500.
This 11% daily decline meant that BTC reached its lowest price line since September 30th, beneath $43,000. As of now, it has added a few hundred dollars, but it’s still below that particular line.
Moreover, its market capitalization has decreased to just over $800 billion. This correction coincided with similar price developments in the stock markets following a Fed announcement in regards to its balance sheet.