Bitcoin is undergoing a bullish correction on Wednesday, recovering as high as 10% since this week’s low at $4,200. Crypto markets are also recovering slightly.
Nevertheless, the insignificant recovery still does not compensate a whopping $70 billion that has been wiped from the crypto market since last Wednesday. The price of BTC crashed by 25%, bringing itself below $5,000 for the first time since October 2017. Other major cryptocurrencies also fell in unison. Ethereum, whose value touched $700 a few months ago, posted fresh lows at $126 on Tuesday. XRP, which replaced Ethereum for the second-largest cryptocurrency market cap, maintained its support despite the overall crypto-bloodbath, trading between a little range defined by $0.45 and $0.42 as parameters.