On the morning of May 9, Bitcoin traded around $33,500 on Coinmarketcap, dropping more than 3.12% over the past 24 hours and nearly 13% over the past 7 days. A fall below that level would be its lowest since July last year. This also sent its market price down to less than half of what it was at its all-time high of $69,000 in November.
The drop is not exclusive to Bitcoin. Ethereum, the second largest cryptocurrency, also dropped nearly 14% to $2,442; BNB fell more than 10% to $349; XRP lost 8% to $0.565; Cardano fell over 7% to $0.7306; Dogecoin fell 6% to $0.1238; Shiba Inu lost nearly 14% to $0.00001841; etc.
The crypto market capitalization is just over $1,559 billion, losing more than $400 billion. In which, the market capitalization of Bitcoin is 646 billion USD, down more than 100 billion USD from the beginning of this year.
Bitcoin prices fell sharply as Asian equity markets and US stock index futures opened sharply lower as concerns about the monetary response to surging inflation continue to grow. Japan’s Nikkei ended the day 2.5% lower, Europe’s Stoxx 600 fell 2% at midday and Nasdaq futures fell 1.5%.
Speaking to Bloomberg, Darshan Bathija, chief executive of Singapore-based crypto exchange Vaul, said: Due to growing inflation fears, most investors have taken a risk-off approach – selling stocks and cryptos to cut down risk. Data shows that liquidations on crypto-tracked futures have exceeded $411 million in the last 24 hours. Of that, about $140 million came from Bitcoin futures and $121 million came from ether futures.
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