Cryptocurrency prices continue to decline, with Bitcoin and several major altcoins suffering significant losses over the past 24 hours.
Shiba Inu, Ethereum, Dogecoin, and Solana fell about 4%, while Polkadot fell almost 6%, making it some of the most laggards of the day.
Bitcoin, the leading cryptocurrency, also fell nearly 4%. It is now down 33.4% from the previous all-time high, but is still up 62.95% since the start of the year.
The crypto king continues to trade in parallel with the US stock market, which is experiencing some pressure from sellers that day. The tech-focused Nasdaq is down 1.84%. The S&P 500 and Dow are down 1.46% and 1.71% respectively at time of publication.
Bitcoin is currently trading at its lowest level since December 4, the day the leading cryptocurrency fell more than 17% in a 24-hour period, hitting a local low of $ 42,000.
After several failed attempts to get back to the $ 50,000 level, Bitcoin now looks increasingly fragile and the bears have seized the opportunity to significantly lower the price ahead of the weekend. Bitcoin climbed above $ 49,000 on Wednesday after the Federal Reserve announced it decided not to raise rates immediately. However, the recovery was short-lived.
Almost all of the top 100 are in the red, with the exception of three. Yearn.finance (YFI) rose 34.11% after the team announced a $ 7.5 million share buyback. Meanwhile, Waves (WAVES) were up 6% and Avalanche (AVAX) were up 6.3% compared to the overall downtrend in the market.
According to data from Coinglass, about $ 310 million in cryptocurrencies have been liquidated in the last 24 hours.