Bitcoin saw its biggest red candle in history in terms of the price drop in dollar valuation. The price of the cryptocurrency went from just over $57,000 to dropping down at $46,000 in only a matter of hours. However, the bulls were still able to push back up with the daily candle close at $54,142. Bitcoin Wiped Out of $100 Million from Market Cap The leading cryptocurrency started at $54,100 today and plummet down to its current price of just above $48,000. The decline has wiped out more than $100 billion of bitcoin’s market value, which last week climbed past $1 trillion for the first time. The cryptocurrency dropped more than 17% yesterday, its largest daily drop in a month. However, the cryptocurrency still remains up about 75% for the year. The price of the cryptocurrency tumbled down along with the U.S. stocks after markets opened yesterday. That bought the cryptocurrency down to 20%, its biggest decline for a two-day period since the coronavirus-fueled crash in March 2020. The price move came on strong volume indicating high activity on the part of sellers and buyers alike. For instance, trading volume on eight major exchanges topped $10 billion. The premiums are still high compared with January levels, indicating the bulls are still dominating the market. Analysts Say Bitcoin Might Further Slide While a $1.5 billion investment in the cryptocurrency by electric car-maker Tesla this month helped boost Bitcoin above $50,000. It has also created pressure on the company’s stock price as its value has become dependent on its movements in Bitcoin. While many traders are still bullish on Bitcoin in the long term, analysts have still said the largest cryptocurrency might have a further fall down in the coming days. Meanwhile, U.S. Treasury Secretary Janet Yellen, who has flagged the need to regulate cryptocurrencies more closely, recently said that Bitcoin is extremely inefficient at conducting transactions and is a highly speculative asset.
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