WMA: Bitcoin Dips to $64,000 as the Market Takes Horror Plunge

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This Week’s Summary

The crypto market ends the week at a total market capitalization of $2,3 trillion.
Bitcoin is down by nearly 7% to trade at around $64,000.
Ethereum decreased by almost 12% to trade at around $3,000.
BNB is down by 7%, XRP by 20%, and Solana by 25%.
Almost all altcoins are trading in the red, with virtually no exceptions.
The DeFi sector decreased the total value of protocols (TVL) to around $85 billion.

Crypto Trends 8 – 14 April 2024: Market Analysis and Performance

The crypto market is having one of its worst weekends of 2024 so far. That’s because most assets traded slightly in the green for most of the week. However, they plummeted spectacularly in the past 48 hours, with many recording alarming, double-digit losses. Several factors contributed to this sudden negative turn of events. Firstly, large liquidity dumps started occurring on Friday, especially in the altcoin sector. Next, Saturday saw a military conflict between Iran and Israel escalate, which was enough to destabilize most financial markets.

In this environment, most crypto assets are facing a troublesome week ahead of the much-anticipated Bitcoin halving. Moreover, the overall market capitalization decreased by $300 billion to $2,3 trillion.

Bitcoin traded safely at around $70,000 for most of the week. However, few expected it to lose almost $10,000 in less than 12 hours. That happened on Friday night as BTC’s value dropped to nearly $60,000. The king of cryptocurrencies recovered in recent hours and regained almost $4,000 to cement its position above $60k, at least for now.

Ethereum had a quiet week until recently. Still, the second crypto in command followed Bitcoin’s steps and lost substantial value over the weekend. With over 10% lost in the past 48 hours, ETH is trading at around $3,000. Moreover, it is dangerously close to dropping below the hard-earned $3,000 level soon.

Altcoins & DeFi

Most altcoins are trading in the red. Notable losers include BNB, down by 7%, and XRP, down by 20%. Also, Solana decreased by 25%, Cardano by 24%, Dogecoin by 25%, Avalanche by 28%, and Shiba Inu by 25%. The few exceptions include Toncoin, which is up by 20%, and UNUS, which is up by 2%.

The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is down by 29%, Render by 22%, Theta Network by 25%, Decentraland by 29%, and ApeCoin by 33%. Also, ICP decreased by 29%, the Sandbox by 31%, and Floki by 30%.

The DeFi sector lost almost $14 billion from the total value of locked protocols (TVL), which is now $85.13 billion.

Crypto Market Analysis – What’s in the News?

The crypto assets have lost over $400 billion cumulatively this weekend.
Coinbase has filed a motion to certify an appeal in the lawsuit that the Securities and Exchange Commission (SEC) brought against the crypto exchange.

Next Week’s Crypto Market Forecast

The crypto market lost many of its hard-earned gains in just two days. It is not a pretty sight to see the bloodbath covering the market these days, especially with the Bitcoin halving just around the corner. However, we hope the much-awaited event will overturn the trend and help most cryptocurrencies get back on track.

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