It was a rough weekend for bitcoin and the crypto market as a whole.
Bitcoin has experienced a 20% fall within Sunday and Monday, losing about $8,000 from the $40k mark it attained on Friday.
Bitcoin fell to $32,400 over the last 24 hours from levels over $40,800, according to a report by Coin Desk.
Still on the value decline, the crypto markets have lost 17% in the last 24 hours as well, falling from over the record-breaking $1 trillion height to below $940 billion in total market cap.
With these statistics, it implies that the crypto markets have suffered a $60 billion drop during the weekend.
Apart from the 20% loss experienced by the largest cryptocurrency Bitcoin, the second-largest cryptocurrency by market cap Ethereum has dropped by 22%, and EOS has lost 28%.
Likewise, Ripple and Litecoin have lost 25% and 25.2% respectively.
It was a rough weekend for bitcoin, dropping from $40k mark down to $30k. The current price of bitcoin is $33,632.07, dropping by 15.43% in the last 24 hours. Bitcoin has a current market cap of $625.44B and market volume of $96.30B. In the last 24 hours, bitcoin has dropped to $32,377.91 and has experienced a $40,054.95 rise. Currently, 18,597,350 bitcoins are in circulation.
Stats and Image from Coin Desk
There are reports that miner selling and panic selling are some of the factors responsible for the decline in the price of bitcoin.
According to a tweet by @lightcrypto, panic selling for 180 BTC on Coinbase cut down the price by $1,200.
“180 BTC panic sell on Coinbase good to bring the price down $1,200 in a second,” read the tweet.
The Global Chief Investment Officer managing partner and at Guggenheim Partners Scott Minerd in a tweet commented on the drop of Bitcoin, stating that its rise is unsustainable and the crypto is vulnerable to a setback.
“Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table,” he tweeted.