Bitcoin, Dogcoin lead another collective dive in cryptocurrencies! Crypto market cap evaporates $500 billion

Bitcoin and dogcoin plummeted on Monday, with Coinbase shares falling more than 5 percent and cryptocurrency market capitalization evaporating more than $500 billion.

Bitcoin, Dogcoin lead another collective dive in cryptocurrencies! Crypto market cap evaporates 0 billion

Bitcoin’s current price of $44,386.65 is down nearly 9 percent, or about 30 percent from its peak of nearly $65,000 in mid-April, according to the terminal. The dogcoin price is down more than 5% at 48 cents, down more than 36% from the peak of nearly 75 cents set during Musk’s guest appearance on “Saturday Night Live.

The broad cryptocurrency decline has evaporated the more than $500 billion cryptocurrency market cap to $2.02 trillion from a peak of about $2.546 trillion last week, according to CoinMarketCap.com.

Crypto markets had a tough week, with dogcoin outperforming most cryptocurrencies.

Bitcoin and ethereum are down more than 20 percent over the past week, and Litecoin is down more than 30 percent.

Meanwhile, Coinbase shares plunged 5.5% as the digital asset platform tended to move sharply lower in tandem with the broader cryptocurrency market.

Coinbase COIN, which is down about 30 percent since its IPO about a month ago, is down 3.92 percent. The company reported quarterly results last week that were in line with investor expectations and in line with the company’s preliminary report issued before its April 14 listing on the Nasdaq.

However, bitcoin’s bearish sentiment is starting to erode momentum for Coinbase and other assets tied to cryptocurrencies.

The Bitwise Crypto Industry Innovators ETF BITQ, which debuted last week and offers exposure to crypto-related assets, is down 6.2%, with Coinbase as one of its major holders.

To date, cryptocurrencies such as dogcoin and bitcoin have seen strong gains compared to traditional assets. dogcoin is up more than 10,000% and bitcoin is up 50% so far in 2021.

By comparison, year-to-date gold futures GCF00 are down 1.5%. The Dow Jones Industrial Average DJIA is up nearly 12%, the S&P 500 SPX is up over 10% and the Nasdaq Composite COMP is up over 3% for the same period.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-dogcoin-lead-another-collective-dive-in-cryptocurrencies-crypto-market-cap-evaporates-500-billion/
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