Bitcoin Drops Under Crucial Support, Crypto Loses $50 Billion

The broader cryptocurrency market has come under strong selling pressure correcting by 6% in the last 24 hours and losing $50 billion. Bitcoin (BTC) has also tanked by 4.5% and has slipped under its crucial support of $17,000. With the recent BTC price drop, it has given up all weekly gains and is now in negative territory.

On the other hand, the altcoins have posted even steeper declines as concerns grow that the digital market is still to face more pain ahead. The developments around Binance have kept crypto investors on the edge of their seats. On Friday, December 16, the Binance auditor for Proof-of-Reserves, the Mazars Group, suspended ties with the exchange.

This has also cast a negative sentiment in investors’ minds. Also, the recent crypto market drop follows the sharp correction on Wall Street. Dow Jones (INDEXDJX: .DJI) ended in another 1% negative on Friday. This price drop comes as the economy weathers the aggressive tightening by the Federal Reserve.

Fairlead Strategies Senior Analyst Will Tamplin believes that Bitcoin now holds the risk of sipping to its November lows of $15,700 once again.

Altcoins See Greater Fall Than Bitcoin

Altcoins have seen an even greater fall as compared to Bitcoin. The world’s second-largest crypto Ethereum (ETH) has dropped more than 7.5% moving under the $1,200 level.

Many other top-ten altcoins are facing double-digit percentage losses. Altcoins like Binance Coin (BNB), Dogecoin (DOGE), Polygon (MATIC), Cardano (ADA), and others have tanked by a staggering 10-15%.

The collapse contagion has already spread across other crypto firms with crypto lenders like Genesis coming into trouble again. Many experts believe that the contagion can spread further into the market going ahead. Noelle Acheson, author of the of the “Crypto is Macro Now” newsletter, wrote: “There may be some ugly contagion news yet to drop. But most investors who were going to sell have done so.”

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.