Bitcoin Plunges Over 10% in a Single Day, Marking Biggest Drop Since 2022
On Tuesday, Bitcoin was trading at $83,747 by 20:43 (01:43 GMT), experiencing a sharp decline of 10.02% within the day. This marks its steepest single-day percentage loss since November 9, 2022.
The downturn caused Bitcoin’s market capitalization to shrink to $1.69 trillion, accounting for 60.7% of the total cryptocurrency market. At its peak, Bitcoin’s market cap stood at $2.1 trillion.
Throughout the past 24 hours, Bitcoin fluctuated between $83,747.4 and $86,756.4. Over the last week, the cryptocurrency has lost 7.31% in value, with a trading range spanning from $78,329.79 to $94,986.50. Within the most recent 24-hour period, Bitcoin’s trading volume reached $70.1 billion, making up 41.11% of all cryptocurrency transactions.
Despite the decline, Bitcoin remains at an all-time high in terms of valuation.
Other Cryptocurrency Market Movements
Ethereum also faced a significant dip, trading at $2,047.59—down 16.73% for the day. Meanwhile, Tether USDt was priced at $0.9999, reflecting a minor 0.03% decline.
Ethereum’s market capitalization stood at $253.5 billion, representing 9.1% of the total crypto market. Tether USDt’s market cap, on the other hand, totaled $142.4 billion, comprising 5.11% of the entire cryptocurrency market value.