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.

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

+4.83%$1,845.11

24H7D1M1YMAX

Price data by

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.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Recommended News

Sui Price Pops 9% as 21Shares Seeks SEC Approval for ETF
Crypto asset manager 21Shares applied for an exchange-traded fund tracking the price of Sui, according to a filing with the U.S. Securities and Exchange Commission on Wednesday. The 21Shares Sui ETF aims to broaden investors’ access to the native token of the layer-1 network designed for high-speed transactions, which has been dubbed by some as a “Solana Killer.” The filing named Coinbase as a custodian to safeguard investors’ funds, according to the registration statement, but did not specify...
NewsCoins
2 min read
André BeganskiMay 1, 2025
Create an account to save your articles.
$364 Million Lost in April to Crypto Hacks, Scams: CertiK
New CertiK estimates suggest about $364 million was lost through crypto hacks, scams and exploits in April alone. The cybersecurity firm says the vast majority of this total, $337 million, is related to phishing attacks. #CertiKStatsAlert 🚨 Combining all the incidents in April we’ve confirmed ~$364M lost to exploits, hacks and scams after ~$18.2m was returned. KiloEx, Loopscale and zkSync all had funds returned by whitehat exploiters. ~$337M of the total is attributed to phishing. More… pic.tw...
NewsCoins
3 min read
Connor SephtonMay 1, 2025
Create an account to save your articles.
Pompliano Seeks $200M in SPAC IPO to Take Crypto Influence Public
Anthony Pompliano, a high-profile crypto investor and social media personality, is looking to take his influence public—literally. ProCap Acquisition Corp., a blank-check company led by Pompliano, filed paperwork with the U.S. Securities and Exchange Commission on Wednesday to raise $200 million in an initial public offering. The company plans to trade on Nasdaq under the ticker “PCAPU,” with each $10 unit comprising a Class A ordinary share and one-third of a warrant. Bitcoin Rewards App Fold...
NewsCoins
2 min read
Sebastian SinclairMay 1, 2025
Create an account to save your articles.

Coin Prices