Bitcoin Slides 6% Overnight, Back Under $40k

The world’s leading cryptocurrency fell to about $39,000 after it had rallied 20% by Wednesday to just over $45,000.

Mar 5, 2022

2 min read

Bitcoin is the crypto market's leading coin. Image: Shutterstock

The price of Bitcoin fell 6% overnight, despite clocking in some midweek gains, as the global crypto market shed a staggering 4.1% ($78 billion) from its total market cap.

Bitcoin started the week at a discount, with Monday’s lows bottoming out at $37,518, according to CoinMarketCap.

The world’s leading cryptocurrency then rallied 20% over 48 hours to hit $45,077 by Wednesday. At that point, Bitcoin was soaring above traditional financial markets, like the S&P 500 and the Nasdaq, both of which appeared to be flagging amid the global uncertainty poised by Russia’s invasion of Ukraine.

BTC

-5.74%$83,385.44

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BTC price

But Bitcoin’s midweek gains were short lived. At its current price of $38,014, Bitcoin has fallen about 16% from Wednesday's high.

In general, the global crypto market has been bearish since Friday, when it shed $98 billion in total market volume.

At Friday’s peak, Bitcoin was trading at $42,480, but most of its gains were quickly erased in the 12 hours after lunchtime UTC, when prices tumbled to $38,806, a loss of about 8.6%.

ETH

-11.68%$1,844.84

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ETH price

Ethereum is also down today, but not by as much. The second-biggest cryptocurrency by market cap fell 2.15% overnight and was trading at $2,645.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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