Crypto Market Dumped Hard Third Time in Last 10 Days

According to the CoinMarketCap data, Bitcoin and major altcoins dropped for the third time in the last 10 days, making the crypto investor wonder again, whether this dump is a correction or not.

The entire market cap of cryptocurrencies dropped nearly 300 billion from $2.078 billion to $1.752 billion in the last 24 hours.

As shown above, the top 10 cryptos are all bearish with DogeCoin (DOGE) taking the biggest hit in the top ten dropping 26.24%. Moreover, Ripple (XRP) loses 17.8% today as the rest follow with losses between 10 and 5 percent.

Bitcoin Price Dumps Sixth Time in 7 Days

Cryptocurrency king Bitcoin dropped for the sixth time in the last seven days. Moreover, the price drop came as much as 22.46% to $48.8k from $62.7k.

The price drop came after President Joe Biden was asked to propose doubling the capital gains tax for the wealthy. US investors already faced a capital gains tax in case the investors sell the crypto after holding more than a year.

Even more, the nervousness among the crypto investors could be seen in another speculative tweet that came up from Treasury Secretary Janet Yellen.

All in all, during the previous price dump, the cryptocurrency market recovered quickly the next day with strong support. This indicates that the crypto market crash is just a correction. Furthermore, this price dump also expected to be a correction by most crypto investors and holders.