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  • Price Of Bitcoin Goes Below $44,000 As The Crypto Market Goes Through a Correction
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Price Of Bitcoin Goes Below $44,000 As The Crypto Market Goes Through a Correction

Patrik Verhoek February 28, 2021 2 min read

The falling price of cryptocurrencies has made the market and the investors incur massive losses.

Overview

  • A lot of crypto assets have seen a drop in their price ranging around 25% or more.
  • The increase in the yields of US Treasury bonds may be the reason for this price correction of the crypto market.
  • The ADA of Cardano has been shut down after having a successful run this week.

Why did the market crash?

Price correction of the crypto market space is continuing its downward trend. The price of Bitcoin went down as low as $43.7k for a short period, kicking it down almost 7% in the past 24 hours, ending an extremely dark week for Bitcoin as it chipped off around its price by about 25%.

The Macroeconomic happenings all over the globe could be a reason for this market crash. Another big reason might be the high yield Treasury bonds of the US, whose yields had witnessed a record increment this year before they went back down, but they did some serious damage to other investments which involve a higher risk like crypto-assets and tech stocks. Their damage to the tech stock market is a bit similar to what is happening with the crypto market.

Other crypto assets are also being affected

The second cryptocurrency which took a huge hit in its price is Ethereum. Ethereum’s price has been going down continuously. Its price yesterday was around $1500, but it dropped to around $1382 with a decline of 6%. This drop concluded this week’s price decline with a total of 30% price drop within a week. To get an idea of how big this loss was, it should be understood that Ethereum was being traded in the past week at its all-time high price of $2k.

The ADA token by Cardano has been the only crypto asset that has been defying the market this past weekend and soaring at its highest price of $1.48 just a day ago. This performance, however, was not the end of the story. Today, it dropped by 11% to $1.29 overnight. Other cryptocurrencies like Uniswap, Polkadot, Chainlink, and XRP have also been going down by a significant amount.

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Previous: February Highlights- Crypto Exchange Volume Surpasses all Records Breaching Through $1 Trillion
Next: Binance CEO Gives Opinion On High Ethereum Fees

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Name Price24H (%)
bitcoin
Bitcoin (BTC)
$24,466.00
6.94%
ethereum
Ethereum (ETH)
$1,912.15
13.95%
tether
Tether (USDT)
$1.00
0.11%
binancecoin
BNB (BNB)
$334.81
3.87%
usd-coin
USD Coin (USDC)
$1.01
0.45%
ripple
XRP (XRP)
$0.386389
5.75%
cardano
Cardano (ADA)
$0.55
6.87%
polkadot
Polkadot (DOT)
$9.64
11.15%
dogecoin
Dogecoin (DOGE)
$0.072509
6.13%
Uniswap
Uniswap (UNI)
$9.36
11.78%

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  • bitcoinBitcoin(BTC)$24,466.006.94%
  • ethereumEthereum(ETH)$1,912.1513.95%
  • tetherTether(USDT)$1.000.11%
  • binancecoinBNB(BNB)$334.813.87%
  • usd-coinUSD Coin(USDC)$1.010.45%
  • rippleXRP(XRP)$0.3863895.75%
  • cardanoCardano(ADA)$0.556.87%
  • SolanaSolana(SOL)$43.178.30%
  • polkadotPolkadot(DOT)$9.6411.15%
  • dogecoinDogecoin(DOGE)$0.0725096.13%
  • UniswapUniswap(UNI)$9.3611.78%
  • bitcoin-cashBitcoin Cash(BCH)$144.668.13%