This week was entirely unproductive for cryptocurrency bulls as the market took a beating and Bitcoin collapsed to $40K. And yet, it appears that the entire world was focused on another exciting event – Elon Musk’s proposition to buy Twitter and take it private.
First things first, the cryptocurrency market lost some $160 billion over the last seven days and collapsed below the important level of $2 trillion. This was largely because of Bitcoin’s drop to $40K. It all started relatively calm, and prices were holding somewhat well until Sunday and Monday.
Sunday saw BTC starting to roll over, whereas on Monday the entire market turned red. The leading cryptocurrency crashed below $40K but fortunately managed to recover almost immediately. There was an attempt at recovery on Thursday, but the prices quickly barted down to trade at around the critical level once again. Bitcoin lost some 7.4% throughout the week.
The altcoin market mimicked BTC, but some of the cryptocurrencies lost a lot more. This includes Terra’s LUNA, which is down 23% in the past seven days, ADA losing 13%, AVAX losing 13%, and DOT losing 11.5%.
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