Bitcoin lost almost $7,000 in less than 15 hours as $200 Billion were wiped out from the total Market Capitalization

3 days ago everything seemed to roll normal as Bitcoin and the rest alternative coins were proudly trading inside the “Green Zone”.

Monday was completely different for the Cryptocurrencies as Bitcoin plunged $7,000 in less than 15 hours while Ethereum and the rest altcoins marked some massive drops with analysts stating that correction time is here.

The World’s largest Cryptocurrency was trading above $41,000 for more than 24 hours showing no signals of its next moves (up or down). However, the start of the week was not that impressive as many investors were used to see Bitcoin marking new All-Time High records day after day.

The first price drop was from $41,000 to $38,900 were it remained for a couple of hours leaving the industry with the idea that the King of Cryptos is preparing for another jump. Nevertheless, bears were not that happy with the current result and led the price further south at $37,000 before they give their final shot at $34,300. This time, the Bulls were not strong enough to recover the whole amount of the losses but only a tiny part leading the price at $34,812. Unfortunately bears were there once again for another $3,000 drop leading the price at $31,168.

Despite the cryptocurrencies, the next one to bleed was the total market capitalization as $200 Billion were wiped out due to the massive drops.

Credits to BitStamp

The experts are claiming that this huge drop happened due to massive liquidations as many investors are trying to save some of their funds by splitting them to different cryptocurrencies.

The question is: Is correction time coming?

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