Categories: MarketsMenafn

Bitcoin Loses $57000, Altcoins Crumble

The crypto market has continued to bleed red as prices of cryptocurrencies fell significantly beyond record lows on Thursday.

A notable decrease followed this adverse price action in the global cryptocurrency market capitalization, which dropped by 5.69% to $2.11 trillion over the past day. 

However, the overall market volume saw a notable increase of 43.15% to $93.94 billion, suggesting that many traders are actively selling off their assets, possibly due to panic and broader economic factors.

Bitcoin Triggers Market Panics

The first day of the month saw the market’s leading cryptocurrency, Bitcoin, fall from over $63,000 to $61000. This negative trend has continued till today, and the cryptocurrency has seen its price fall massively to by 5.69% to $56,884 over the last 24 hours.

While these streak losses have fuelled concerns among market traders and investors, reports have traced the Bitcoin crash to massive sell-offs of Bitcoin fortunes by the German government.

After several offloads of bulk Bitcoin assets, the German authorities had recently sold off $17.6 million worth of Bitcoin. While it has also moved out about 3100 Bitcoins today, Germany has liquidated over $200 million worth of Bitcoin in just two days.

Unfortunately, this move has not only affected the price of Bitcoin. Still, it has also triggered panic among traders, leading to more profound losses for altcoins as many opted to sell off their crypto assets to hedge against the impending market turbulence.

According to data from CoinMarketCap, Ethereum, BNB, SOL, and XRP have had their share of the ridiculous market plunge. The assets plunged by 6.35%, 7.85%, 8.69%, and 7.49% to $3095, $514, $130, and $0.4409, respectively.

An Attempt to Market Recovery

While the German government’s move initially triggered bearish sentiments among investors in the broad crypto market, it appears that Bitcoin is already regaining their interest. Social metrics provided by LunarCrush revealed that the bullish sentiment votes on Bitcoin have retraced back to 88%.

This surprising bullish stance is attributable to Justin Sun’s attempt to recover market losses after announcing plans to buy back Bitcoin holdings from the German government to curtail the consistent sell-offs.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Sunny Mining Unveils Weekend Incentive Contracts for Short-Term Crypto Profits

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, As digital assets gain increasing attention,…

3 days ago

Price pullbacks are no longer the end: APT miners help XRP investors lock in daily gains

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, After XRP once again fell below…

3 days ago

Irys Raises $10M Series A to Unlock $3 Trillion Data Economy With First Programmable Datachain

CoinFund-Led Round Accelerates Institutional Adoption of Infrastructure For Datachains London, UK, Aug 22, 2025, ZEX…

3 days ago

BJMINING Attracts Thousands of New Users Amid Crypto Rally, Delivering $7,000 Daily Returns

London, UK, 22nd August 2025, ZEX PR WIRE- With the launch of Bitcoin and Ethereum…

3 days ago

XRP holders cash out $5,777 per day through secure blockchain cloud mining.

Start your journey to wealth with one click. Miami, Florida, 22nd August 2025, ZEX PR…

3 days ago

PlanMining Helps XRP Investors Earn $8,800 in Passive Income Daily

London, England, 22nd August 2025, ZEX PR WIRE, In today’s volatile cryptocurrency market, maintaining asset…

3 days ago