Bloody Monday sees $6 billion erased from market cap, BTC drops under $3,500

28 Jan, 2019 | Updated: 28 Jan, 2019
Bloody Monday sees $6 billion erased from market cap, BTC drops under $3,500

Following a relatively quiet period over the past week, bitcoin and the total market cap remained steady with the market cap holding $120 billion while bitcoin remained stable at $3,550. Bloody Monday appears to have arrived and things are back to looking bearish. 

Bitcoin saw a 3.48% decline in price, dropping back below $3,500 after a solid week of holding above $3,550. The total market cap took a major hit with $6 billion being wiped from the market. 

Currently, the market cap sits at $114 billion with 95% of the top 100 seeing red on Monday. 

Weekend warriors Holo (HOT) and Pundi X (NPXS) remained in the green following their one week gains of 85.64% and 36.06% respectively. 

Read More: 'No one needs Bakkt or a Bitcoin ETF', says crypto investor

However the massive price resurgence from both low-satoshi projects did little to curb the massive sell off, with over 25% of the top 100 seeing double figure percentage drops. 

Sentiment appears to have turned bearish once again as bitcoins price stability saw its volatility reaching new lows after a few weeks of ranging around the $3,500 area. 

All eyes will be on BTC this week to see if it will retest December 2018 lows of $3,200. 

Read More: 9 Bitcoin price predictions for 2020 by crypto experts

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Read more about: Bitcoin (BTC)


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