Bitcoin (BTC), Ethereum (ETH), and the other cryptocurrencies kept going steady on losing their prices. For the first time, Bitcoin continued to slide and slipped below $57,000 after a long time. The cryptocurrency had surged a lot in October, and this is the first time it has come below $57,000, especially since October.
Bitcoin had even broken the $65,000 resistance and went to record highs of around $69,000. However, its retreat from the record highs has been immense. Currently, the BTC is priced at $57,145.03, down 3.67% in the last 24 hours, while it has come down around 10.43% this week.
The entire week has witnessed the dip of the crypto market. As a result, the total cryptocurrency market cap slid to $2.6 trillion. However, overall, Bitcoin has doubled this year while Ether is about sixfold. Both the cryptocurrencies were on record highs in the previous few weeks.
A possible reason for the dipping of the crypto prices could be the raised speculations about the crypto market and the controversial arguments pointing at hedge inflation risks.
Another reason surrounding the crumbling crypto market is the increased concerns over the regulation of the cryptocurrency market.
Amidst all the falling cryptocurrencies, Avalanche (AVAX) has surged 30.22% in the last week and has been continuously surging. The surprise crypto is priced at $108.40, up 5.15% for the day.
Other cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), Polkadot (DOT), Ripple (XRP), and others also went down significantly.
The crypto market has been the most volatile for the last two days. While newer and unknown coins kept rising to as high as 400%, the older and more anticipatory cryptos kept slipping.
With the market down, many countries are looking to bring cryptos under the Tax Laws, and many others are looking to ban cryptocurrencies as a mode of payment. The pump-and-dump strategy of the crypto market is at its peak; still, Twitterati kept trending $buythedip for the cryptocurrencies.