Bitcoin's worth is rapidly eroding, with the price now hovering slightly over $38,000. The majority of altcoins bleed even more.
Bitcoin's woes have only gotten worse in the last 24 hours, with the commodity dropping a few thousand dollars to 16 days low of $38,000.
The altcoins are also in the red, with Ethereum trading at $2,600, Cardano trading at less than $1, and AVAX trading at less than $80.
Bitcoin drops to $38k
Bitcoin, it's safe to say, has seen better days, and they weren't all that long ago. The largest cryptocurrency recovered from its recent drop to $42,000 and soared to about $45,000 in just 2 days on Tuesday and Wednesday.
However, as the bears came out to play, it was unable to continue climbing. They pushed the asset south in a few of hours, and BTC was struggling to stay over $40,000.
Although it initially held that level, the bears maintained their pressure and drove it below it for the first time since early February, as reported yesterday.
In the hours that followed, the situation deteriorated, and bitcoin fell to slightly over $38,000, a new low for the past two weeks.
As a result, bitcoin's market valuation has dropped to $725 billion from an all-time high of $850 billion just a few days ago.