Business - Market Data
Updated: April 23, 2021

Over $300 Billion Lost In Crypto Markets Carnage

By Oluwatosin Ogunjuyigbe
April 23, 2021
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The cryptocurrency markets dipped heavily on Friday morning, liquidating hundreds of thousands of investors as the global crypto market cap fell 14 percent, losing over $300 billion.

Foremost cryptocurrency Bitcoin broke below the $50,000 psychological support for the first time since February. The flagship cryptocurrency traded as low as $47,800 after a 12 percent dip on Friday morning, plunging its market cap to $895 billion, according to data from coinmarketcap.com.

The selloff in the global crypto markets, which shrunk its market cap to $1.73 trillion came after U.S. President Joe Biden was said to propose nearly doubling the capital gains tax for investors who earn more than $1 million a year.

Bitcoin's market dominance recovered about 51 percent today after it plunged below 50 percent yesterday for the first time since 2018 to 48 percent. Altcoins dipped to give away yesterday's gains, as flagship altcoin ether fell from its newly-reached record high of $2,645 to $2,120.

“Bitcoin has slipped below the 50-day moving average support that it held sacrosanct through this rally,” said Pankaj Balani, CEO of Delta Exchange. “It looks like there is more downside here.”