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    Home » Market Updates » Market Watch: Bitcoin Drops $2K After Rejection at $40K, HK Hang Seng Dumps to a 6-Year Low

    Market Watch: Bitcoin Drops $2K After Rejection at $40K, HK Hang Seng Dumps to a 6-Year Low

    Author: Jordan Lyanchev

    Last Updated Mar 16, 2022 @ 09:43

    While Asian stocks slumped today and yesterday, bitcoin attempted to touch $40,000 but to no avail, yet.

    Bitcoin tried its hand at $40,000 but was stopped in its tracks and fell by nearly $2,000. Interestingly, this price decline came amid the substantial losses in Hong Kong’s benchmark index – Hang Seng – which dumped to a six-year low today.

    BTC Rejected at $40K

    The past several days were relatively calm for the primary cryptocurrency. It consolidated around $39,000 with just a few brief moves up and down.

    As reported yesterday, the asset fell to $37,500 before it spiked back up to the aforementioned level. In the following hours, bitcoin went in the other direction and pumped to just under $40,000.

    However, it failed once more and declined by more than $1,500 and currently sits at just over $38,000. As such, its market capitalization has dropped slightly to around $730 billion.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    At the same time, Asian stocks experienced enhanced volatility as concerns emerged that Chinese firms could face scrutiny if the country helped Russia in its war against Ukraine.

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    The Hong Kong Hang Seng was the most substantial loser as it dropped by more than 6% to a six-year low. Its tech subsidiary – Hang Seng Tech Index – nosedived by double-digits in its worst trading day since its inception in 2020.

    Altcoins on a Downfall

    The alternative coins have mimicked BTC’s performance to a large extent. Ethereum challenged $2,700 days ago but failed to $2,600 yesterday, and another 3% decline has now driven it down to around $2,500.

    Ripple, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, and MATIC have produced similar daily price drops. Avalanche has lost the most as a 5% decrease has pushed AVAX to $66.

    EGLD is among the few coins in the green today as the asset is up by 6.5%. As a result, it trades close to $150.

    The cumulative market capitalization of all cryptocurrency assets has declined by approximately $50 billion since its peak hours ago and sits at $1.7 trillion.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto
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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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