The adverse price developments in the crypto market continued, with bitcoin dropping below $40,000. Most altcoins are deep in the red as well, with Terra losing 7% and BNB dropping to $380.

Bitcoin Lost $6K in 3 Days

The ongoing war between Russia and Ukraine harmed all financial markets upon its start, but bitcoin managed to recover all losses immediately when the West refused to get directly involved.

It kept climbing, reclaimed $40,000, and even soared to a three-week high at just over $45,000 on March 2nd. However, this is where the bears stepped up and didn’t allow the asset to go upwards.

The primary cryptocurrency started to lose value gradually, despite on-chain data revealing that retail and even whale investors have accumulated significant portions lately.

In the past 24 hours, bitcoin went from around $42,000 to just under $39,000 and still sits close to that line. This means that the cryptocurrency has lost more than $6,000 since its local peak three days ago.

Consequently, bitcoin’s market capitalization has declined beneath $750 billion after touching $850 billion days ago.

BTCUSD. Source: TradingView

Altcoins See Red

The alternative coins also suffered in the past few days after charting new local highs during the week.

Ethereum exceeded $3,000 briefly, but the market-wide retracement drove the second-largest cryptocurrency down by more than $350. As of now, ETH struggles at $2,650.

BNB Chain (formerly known as Binance Coin) lost 4% in a day and stands at $380. Solana, Cardano, Avalanche, Polkadot, Dogecoin, and Shiba Inu are also in the red from the larger-cap alts.

Terra and ATOM have lost the most value now. The two recent high flyers are down by 7% and 11.5%, respectively.

The cryptocurrency market cap is down by $90 billion in a day and $200 billion in three days to $1.750 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.