Bitcoin price today drops below $46,000

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Bitcoin outflows surge to 100K BTC monthly

Bitcoin was trading at 46,154.06 on Monday, down 3.72 percent. The virtual currency’s global market capitalization was $868.66 billion. In a new round of cryptocurrency good news, the Blockchain-based music streaming company Audius raised $5 million in a strategic game of fundraising from some of the music industry’s biggest names. Katy Perry, Nas, The Chainsmokers, Jason Derulo, Pusha T, Steve Aoki, Linkin Park’s Mike Shinoda, and Disclosure are among the artists who have invested in Audius. The platform, which claims to have approximately six million monthly active users, is a decentralized music streaming service owned and operated by an open-source artist community.

On Friday, Bitcoin’s competitor currency traded in the negative at $3,232.91, down 5.40%. Its market capitalization, on the other hand, was $380.17 billion. Most of the significant cryptos had a relatively quiet weekend. Bitcoin remained close to the $48,000 barrier, but Ether fell below the $3400 mark after a 1% drop. Profit booking was minor across the board. Such profit bookings, however, are standard with a decline in traded volumes. Such consolidations can be overlooked as long as there is no substantial fall. One noteworthy fact is that exchange data shows that the quantity of Bitcoin across exchanges has substantially decreased.

Traders

Traders are presently looking for directional signs in the market and, as a result, are abstaining from making aggressive transactions, stated Edul Patel, CEO and Co-founder of Mudrex- A Global Crypto Trading Platform. Cardano, Binance Coin, XRP, and Solana were among the virtual currencies trading in the red, in addition to Bitcoin and Ethereum. Tether and USD Coins, on the other hand, exhibited some gains. Cardano was trading at $2.18, down 7.67%, with a market capitalization of $70,70 billion. Altcoins like Cardano(ADA), UniSwap(UNI), Solana(SOL), and others have recently received a lot of attention. Cardano has been testing the $2.3 support level to some extent over the previous few days.

Over 3000 intelligent contracts are believed to have been locked in a time lock contract. However, once developers are granted access, tokens such as Cardano may see a once-in-a-lifetime market phenomenon. Despite low trade volumes, Bitcoin has remained stable around the $48,000 mark. BTC attempted to challenge the $49K levels but was met with rejection, causing it to fall back to $47.5K levels. 

Magnum Real Estate Group, one of New York’s most prominent real estate corporations, is set to take Bitcoin as payment, expanding many enterprises.

The global crypto market

On Friday, the worldwide crypto market worth was $2.04 trillion, a 4.91 percent fall from the previous day. The entire cryptocurrency market volume in the last 24 hours is $84.08 billion, a 4.63 percent fall. The overall volume in DeFi is currently $12.94 billion, accounting for 15.39% of the entire 24-hour volume in the crypto market. The overall volume of all stable coins is now $64.04 billion, accounting for 76.16 percent of the total 24-hour volume of the crypto market. Bitcoin’s dominance is now 42.59 percent, up 0.47 percent from the previous day.

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