Crypto Markets Lose $40 Billion in 48 Hours, BTC Price Drops

$40 billion has evaporated in the crypto market in the last 48 hours as Bitcoin and Altcoins take a hit.

Sad robot bringing a flower to the crypto funeral.
Created by Kornelija Poderskytė from DailyCoin
  • The crypto market has suffered a big hit. 
  • Billions of dollars have evaporated in the last two days. 
  • Bitcoin and Altcoins lead the price drop. 

As the stablecoin market sinks to its lowest point since August 2021, the global cryptocurrency market has lost $40 billion in two days, bringing the total market cap down to $1.18 Trillion

Notably, the current decline correlates with new developments in the crypto space, including Binance announcing the closure of its regulated fiat-to-crypto subsidiary, Binance Connect, on August 16. Further, crypto analytics platform Glassnode reported “a stage of extreme exhaustion and apathy” in the Bitcoin market.

Bitcoin Records a Two-Month Low

While Bitcoin recorded an impressive gain on Monday following the launch of the first spot BTC ETF in Europe, it has lost value rapidly in the last 48 hours, trading on the lower end of its $30,000 support level mark. At the time of press, BTC traded at $28,566.04, representing a 3.39% drop on its monthly chart.


Although Bitcoin is trading at the lowest price tag witnessed in the last two months, the Glassnode report notes that the supply held by long-term holders has recorded an impressive all-time high (ATH) of 14.6M BTC.

In contrast to the market trends, this points out a stronger conviction among BTC holders who anticipate a rebound soon instead of liquidating their holdings.

Altcoins Drop Hard

Alternative coins have depicted higher volatility within the same period of 48 hours. Nearly all lower and mid-cap altcoins are trading on the red side today – Uniswap, Litecoin, TONCOIN, Bitcoin Cash, and Shiba Inu have all lost 8% in the last 24 hours.


All these factors withstanding, the current market volatility seems to be a quiet one. Still, the crypto landscape has exhibited several times that it can change tides rapidly in either direction.

Catch up with the latest in the stablecoins market:
Stablecoin Market Value Hits Lowest Point since August 2021

Is Cardano becoming irrelevant? ADA Founder Charles Hoskinson doesn’t think so:
“Cardano is Here to Stay,” Lauds Founder as ADA Plummets

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.