Bitcoin Plunges Below $44K as Miners Capitulate: Market Watch


After a relatively positive Saturday, bitcoin has headed south again by dropping below $44,000 to its lowest price since February 10, 2021. The altcoin space has it even worse with substantial double-digit declines, and the market cap has lost another $120 billion to $1.350t.

Bitcoin Price Falls Beneath $44K as Miners Sell-Off

The primary cryptocurrency showed brief signs of recovery during yesterday’s trading session as it gained about $4,000. However, this positive performance was short-lived, as the bears regained control rather vigorously.

BTC started losing chunks of value in the following hours, which resulted in a low of $43,782, according to Bitstamp. As of writing these lines, bitcoin has bounced off slightly and currently sits around $44,500.

Consequently, BTC’s market capitalization continues to tumble. The cryptocurrency had lost more than $200 billion in the past week when it stood above $1.05 trillion and is down to $830 billion now.

Data from CryptoQuant reveals that the latest price slumps could be attributed to miners realizing profits following the several month-long bullrun. The analytics company followed massive outflows from their wallet into exchanges right before the initial dump from $58,000 to $45,000, and more recently – from $50,000 to below $45,000.

Bitcoin Price Vs. Miners' Behavior. Source: CryptoQuant
Bitcoin Price Vs. Miners’ Behavior. Source: CryptoQuant

Altcoins’ Weekend Bloodbath

As it usually happens when BTC goes down, the altcoin market’s pain is even worse. Ethereum leads this adverse trend with a 10% drop to below $1,350. Just for reference, ETH traded above $2,050 just eight days ago and has lost 35% of its value since then.

ADA, which was among the best performers lately, has declined by more than 12% to $1.2. Binance Coin (-10%) is down to $210, Polkadot (-9%) to $31, Ripple (-6.5%) to $0.41, Litecoin (-10%) to $160, and Bitcoin Cash (-9%) struggles at $450.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from lower and mid-cap alts. PancakeSwap has lost about 25% since yesterday and is below $9. Polygon (-20%), Ravencoin (-20%), Enjin Coin (-20%), Huobi Token (-19%), 1inch (-18%), IOST (-18%), Pundi X (-17%), Holo (-15%), and NEAR Protocol (-15%) are some of the examples that follow with massive price drops.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost $120 billion in a day and more than $400 billion in a week to $1.350 trillion.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

More info here