{"id":139446,"date":"2021-09-22T06:30:18","date_gmt":"2021-09-22T06:30:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139446"},"modified":"2021-09-22T06:30:18","modified_gmt":"2021-09-22T06:30:18","slug":"bitcoin-market-cap-drops-below-800-billion","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-market-cap-drops-below-800-billion\/","title":{"rendered":"Bitcoin Market Cap Drops below $800 Billion"},"content":{"rendered":"

Bitcoin correction accelerated during the Asian trading session on Wednesday after the world\u2019s largest digital asset dropped below $40,000 for the first time since 6 August.<\/p>\n

According to Coinmarketcap, Bitcoin\u2019s market cap dipped below the important level of $800 billion today. However, the crypto market dominance of BTC saw a jump in the last 24 hours as altcoins dropped heavily during the mentioned period.<\/p>\n

One of the major reasons behind the latest dip in Bitcoin is the negative crypto market sentiment. The data from Santiment, a leading crypto analytics platform, shows that \u2018Buy the Dip\u2019 activity among BTC traders has decreased sharply during the recent correction.<\/p>\n

\u201cTraders & Hodlers still sit in a very fearful speculative position on Bitcoin, and the normal buy the dip crowd is more timid than usual, according to our data. Typically, the extreme FUD levels are less risky times to add to BTC & altcoin positions,\u201d Santiment highlighted.<\/p>\n

The overall market cap of Bitcoin is now down by approximately $100 billion in the last seven days.<\/p>\n

Bitcoin Liquidations<\/h2>\n

Earlier this week, Finance Magnates reported a surge in the liquidation of long Bitcoin positions due to a massive dip in BTC. The overall crypto liquidations have jumped significantly in the last 24 hours as the crypto market saw the liquidation of approximately $470 million worth of long positions. Nearly $200 million worth of long BTC positions got liquidated in the last 24 hours.<\/p>\n

Commenting on the recent Bitcoin correction and liquidation of long BTC positions, Yann and Jan, co-founders of Glassnode, said: \u201cBitcoin Long Liquidation Dominance rose above 65% during the recent sell-off. This is even higher than the sell-off earlier this month suggesting many leveraged traders tried to catch the falling knife.\u201d<\/p>\n

Overall, the market cap of digital assets dipped by nearly $250 billion in the last 4 days. At the time of writing, the total value of cryptocurrencies stands at around $1.8 trillion.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin correction accelerated during the Asian trading<\/p>\n","protected":false},"author":3,"featured_media":139445,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin Market Cap Drops below $800 Billion - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-market-cap-drops-below-800-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Market Cap Drops below $800 Billion - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bitcoin correction accelerated during the Asian trading\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-market-cap-drops-below-800-billion\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-22T06:30:18+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/Bitcoin-Market-Cap-Drops-below-800-Billion.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-market-cap-drops-below-800-billion\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-market-cap-drops-below-800-billion\/\",\"name\":\"Bitcoin Market Cap Drops below $800 Billion - 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