A day similar to “Black Sunday” is what we just experienced today as El Salvador marks its “Bitcoin Day”. Many speculated that this day will be bullish as the king coin is set to break to more resistance. Unfortunately, a reverse of these predictions is what is experienced in the past hour.
Today, September 7, marks one of the most bearish days in crypto history as more than $2.16 billion got liquidated in the past hour. Bitcoin’s sudden drop to $43k sealed the bearish dominance. The bulls were quick to recover but not fully as the coin hits $46k and still struggling.
The significant drop in the price of the king coin happened over 2 hours. Within this time, the largest coin by market cap lost almost 20% of its value. BTC is not the only coin to face massive corrections as alts reacts.
Altcoin Reacts
With bitcoin taking the lead in the crypto market as the first to come into existence and the most popular, most of its price actions will have a rippling event through the market. This also happened today as the global crypto market decreased by 11.8% as it dipped as low as $1.9 trillion but swiftly surged to $2.09 trillion.
One of the worst-hit coins during the bearish campaign is DGB. The coin lost almost 30% as the sudden dip takes place. Its recovering and a sum of 8% was recovered as Digibyte slip down the market cap ranking. The once contending coin for a spot at the top seventies is barely hanging on to the 100th spot.
Internet Computer is the top loser in the top 20s. The initial correction left the coin at a loss of 35%. An increase in trading volume ensured the coin recovered a little. The coin is still losing 24% of its value per unit as of the time of writing. Fingers cross as traders anticipate the next price actions.
