The price of Bitcoin (BTC) fell below $50,000. It then rose above $53,000, which is the lowest level since the middle of February. Following a four-day drop, the world’s biggest crypto fell to as low as $49,112, according to data from TradingView. This means BTC fell by over 28% in the last 7 days
Ether (ETH), the Ethereum blockchain’s native currency, dropped to as low as $2,060, the lowest level since January 3. With a drop of almost 25%, Ether has had its worst day since May 2021.
There were reports that crypto market maker Jump Trading was selling off its assets, which caused ether prices to drop. Over $1 billion worth of crypto futures were sold during the bloodbath.
Over $370 million worth of Ethereum long positions were also liquidated. The wider drop in financial markets has caused fear of selling bitcoin and the crypto market as a whole. The Nikkei 225 Index in Japan fell 12.4%, the Stoxx Europe 600 Index fell 2.8%, and micro futures on the S&P 500 Index fell 2.9%.
