Market Watch: Bitcoin Slipped to $36.5K, Solana Crashed 10% Following $320M Bridge Hack

Аfter touching a ten-day high above $39,000, bitcoin went on the downturn and dipped below $37,000. The altcoins have also retraced today, with Solana being the most substantial loser after an exploit on a network bridge for $320 million worth of ETH.

Bitcoin Slid Beneath $37K

The past several days were actually going rather well for the largest cryptocurrency. After dropping to $36,500 on Monday, as reported, the asset changed its trajectory and started to gain value.

This resulted in pushing above $38,000 and even a few consecutive attempts to challenge $39,000. The latest one came in a brief push above that level, which became the highest price tag in ten days.

However, BTC stalled for the following 12 hours, as reported yesterday. After being unable to challenge $39,000 once more, the bears stepped up and drove the cryptocurrency south. This time, bitcoin tanked to $36,500 once again.

As of now, it has recovered a few hundred dollars and sits around $37,000. As such, its market capitalization is close to breaking below $700 billion.

Thanks for subscribing, you will get your first report in the next hours!

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red: SOL Dumps Double Digits

The altcoins registered impressive gains on Tuesday before stalling on Wednesday. Now, though, most are deep in the red.

Ethereum touched $2,800 two days ago, marking a multi-week high. However, a 3% decline since then has driven the second-largest cryptocurrency to below $2,700.

Similar daily price drops are evident from Binance Coin, Cardano, Ripple, Dogecoin, and Shiba Inu from the larger-cap alts. Polkadot, Terra, and Avalanche have charted more significant losses, while Solana has dumped the most.

Following an exploit against a Solana-based bridge called Wormhole, in which the perpetrators swiped $320 million worth of ETH, SOL started to tank in value. As of now, the asset is down by 10% in a day to below $100.

More declines come from Arweave (-13%), Convex Finance (-12%), Curve DAO Token (-10%), Kusama (-9%), Synthetix Network Token (-9%), The Sandbox (-8%), and others.

The crypto market cap is down by $110 billion since yesterday’s peak and sits around $1.650 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Tagged : / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /
Bitcoin (BTC) $ 41,745.18 2.86%
Ethereum (ETH) $ 2,230.04 0.87%
Litecoin (LTC) $ 72.29 2.36%
Bitcoin Cash (BCH) $ 245.96 0.24%