The past few hours saw Bitcoin dipping below $44,000 in what seems like a healthy correction after gaining more than 20% over the past week.
The total cryptocurrency market’s capitalization has lost around $100 billion in the past hours. This comes as Bitcoin corrects to below $44,000. Nevertheless, the cryptocurrency is still up more than 20% on the weekly.
Corrections are to be expected, especially when the market turns parabolic. Over the past 7 days, bitcoin’s price is up by a whopping 20% after arguably one of the most important developments for the market.
BTC soared earlier this week when Elon Musk’s Tesla filed a document with the SEC, revealing a massive $1.5 billion Bitcoin buy. Bitcoin touched a high of just shy of $50K on the news, and today’s correction shouldn’t come as a surprise to many.
In any case, the price is currently trading around $44,400, and it dipped to an intraday low of $43,746 on Bitstamp.
BTC/USD, Bitstamp. Source: TradingView
In any case, the longer-term trend remains largely intact.
However, today’s dip saw a total of around $1.17 billion liquidations, where around 80% of them were long positions.
A lot of the altcoins have also corrected in the past few hours, though the majority of them continue to be in green on a 24-hour timeframe.
Nevertheless, the most recent developments saw around $100 billion of the total market capitalization erased, as Bitcoin’s dominance sits just shy of 62%.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
