{"id":33524,"date":"2022-06-02T13:05:20","date_gmt":"2022-06-02T13:05:20","guid":{"rendered":"https:\/\/harchi90.com\/bitcoin-ethereum-fall-5-as-markets-slump-into-correction-territory\/"},"modified":"2022-06-02T13:05:20","modified_gmt":"2022-06-02T13:05:20","slug":"bitcoin-ethereum-fall-5-as-markets-slump-into-correction-territory","status":"publish","type":"post","link":"https:\/\/harchi90.com\/bitcoin-ethereum-fall-5-as-markets-slump-into-correction-territory\/","title":{"rendered":"Bitcoin, Ethereum Fall 5% as Markets Slump Into Correction Territory"},"content":{"rendered":"
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Bitcoin<\/span> (BTC) fell over 5% over the last day to retreat back under $ 30,000, wiping off most of its recent gains.<\/p>\n

The leading cryptocurrency gave investors a touch of hope at the start of the week after staging a mini-rally to first reclaim the $ 30,000 level on Monday before briefly surpassing $ 32,000 the following day.<\/p>\n

It was the first time in three weeks that Bitcoin had traded at those levels; however, it failed to keep the upward momentum, plunging to an intraday low of $ 29,501 on Wednesday, according to data from CoinMarketCap.<\/p>\n

At the time of writing, Bitcoin was changing hands at $ 29,939, down 5% in the past 24 hours. The bearish action led to nearly $ 155 million in BTC positions, mostly longs, liquidated over the span, according to Coinglass.<\/p>\n

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It’s been a rocky month for Bitcoin and the broader crypto market, as investors are still trying to assess their losses following the dramatic crash of Terra’s UST stablecoin and LUNA token.<\/p>\n

The leading cryptocurrency lost more than 22% of its value in the past 30 days, while its market capitalization shrunk from $ 750 billion to the current value of $ 569 billion.<\/p>\n

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Ethereum follows Bitcoin slump<\/h2>\n

Following the pattern, the price of Ethereum<\/span> (ETH) has seen its price fall 5.65% over the last 24 hours.<\/p>\n

The industry’s second-largest cryptocurrency sank to the daily low of $ 1,776 in the early hours on Thursday and is now trading around $ 1,823, per CoinMarketCap. This is also as much as 35% down since the beginning of May when ETH changed hands in the region close to $ 3,000.<\/p>\n

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Elsewhere across the board, Solana \/ link is down 12% over the day following the Layer-1 blockchain’s four-and-a-half-hours-long outage on Wednesday.<\/span><\/p>\n

Other major Layer-1 networks suffered significant losses too: <\/span>Polkadot (DOT) is down 8.65% in the past 24 hours, Avalanche<\/span> (AVAX) and Cosmos<\/span> (ATOM) are down by about 8% each.<\/p>\n

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