Bitcoin Plummets 12% in Market Rout

Bitcoin experienced a significant decline, trading at $53,275.30 as of 21:11 (01:11 GMT) on Monday, marking a drop of 12.29% for the day, the largest percentage loss since November 9, 2022.

This downturn reduced Bitcoin’s market capitalization to $1,105.9 billion, constituting 56.04% of the total cryptocurrency market. At its peak, Bitcoin’s market cap reached $1,435.8 billion.

In the previous 24 hours, Bitcoin fluctuated between $52,956.10 and $58,291.40. Over the past week, it has seen an 18.43% decrease in value, with trading volume in the last 24 hours amounting to $35.1 billion, accounting for 41.63% of the total crypto trading volume. In the last week, Bitcoin traded within a range of $52,956.09 to $66,998.30.

Currently, Bitcoin remains down 27.75% from its all-time high of $73,740.90, reached on March 14.

In other cryptocurrency movements, Ethereum was trading at $2,201.12, down 24.47% for the day.

Tether USDt was valued at $0.9997, showing a small gain of 0.01%. Ethereum’s market cap was at $301.1 billion, representing 15.26% of the overall cryptocurrency market, while Tether USDt’s market cap stood at $114.5 billion, making up 5.80% of the total cryptocurrency value.