The digital asset industry started recording losses last week, which many people linked to the industry’s continuous selling pressure. The new week is looking very gleam as Bitcoin is starting to slide downwards, significantly lower than its ATH. Experts explained that Bitcoin’s boom attracted more investors, leading to its appreciation within a short period.
The new group of buyers known as institutional buyers drove the crypto’s value from $3,000 in early March to $58,000 in February. Unfortunately, things are not going very smoothly, as analysis shows that the industry might soon see a significant price crash. The price losses have been gradual for most cryptocurrencies, but with Bitcoin, things are not as such. The world’s largest digital asset lost more than $10,000 in value within two weeks.
Cryptos lose 25% or higher in industry crash
The crypto sector is witnessing very drastic corrections, with assets declining by at least 25%. Since last week, Bitcoin lost around 25% of its value, and it’s already starting this week with more losses. Bitcoin has lost its $44,000 support, and it has moved towards the $43,000 mark. Experts blame some incidences for the latest development. One of the most prominent reasons, which people blame the crash, is the macroeconomic events.
Last week, the US treasury bonds attained a peak for a year before immediately declining. The treasury also advised investors against buying high-risk assets like cryptocurrencies. The whole tech industry might have been affected by the crash, as tech stocks also show an unexpected decline.
The technology sector has been enjoying rapid growth for many years due to people’s interests in innovation. Unfortunately, tech investors have started recording significant losses due to the crash. Although Bitcoin has recorded more losses than any crypto, the asset is not the only one declining.
Ethereum loses 6% within 24-hours
Ethereum has also been sliding downwards along other industry coins. The asset maintained the $1,500 mark for some days before recording a 6% drop, which leaves its current value around $1,382. The asset has lost around 30% of its value within the last seven days, and things could be worst for the altcoins if things are not different. The crypto had attained a $2,000 peak some weeks ago and had maintained a $1,800 level for several days before the continued price falls.
While the whole industry has witnessed some significant losses, Cardano seems to be the only asset that has gained some value since last week. The token broke its record by attaining an ATH of $1.48 recently. Even the new high did not stop the asset from declining in the new week. Since the week’s beginning, the asset has lost 11% of its value leading to rapid sell-offs from the asset’s holders.
Other tokens also recorded lows as Uniswap had recorded a 30% loss since the last seven days and a 9% decline yesterday. XRP is one of the cryptos fighting hard against the losses as it only recorded a 2% loss since yesterday. Bitcoin Cash and Litecoin have lost around 30% of the value since the last seven days and around 5% overnight.