Bitcoin price falls to monthly lows, Ethereum drops to $2,000 in massive sell-off wave

The digital currency market continued its streak of losses, with Bitcoin prices falling to around $74,000, setting a new monthly low after failing to maintain the $78,000 level at the beginning of the week.

Bitcoin temporarily benefited from progress on last week’s “Clarity Act” bill, pushing the price to around $82,000. However, the rally was short-lived as the currency encountered strong rejection at this level for the second time in a week.

After that, a rapid wave of decline began, with the price of Bitcoin falling to $79,000 last Friday, $78,000 over the weekend, and $76,000 at the beginning of this week.

Despite attempts to recover towards $78,000 on Tuesday and Wednesday, sellers once again regained control, sending the coin down to $74,200, its lowest level in more than a month.

The decline caused Bitcoin’s market capitalization to fall to less than $1.5 trillion, while the currency’s market dominance fell to 58%.

On the other hand, alternative currencies were not immune to the decline, with Ethereum falling to $2,000 levels before recovering slightly to $2,025.

BNB also fell to $640, XRP struggled to maintain $1.30 levels, and Solana lost over 6% of its value.

Amid the market-wide sell-off, losses extended to other currencies such as DOGE, ADA, LINK, SUI, and BCH.

CoinGecko data shows that the total market value of digital currencies has lost about $100 billion since Thursday, falling to $2.57 trillion.

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