It seems like market players are experiencing their worst nightmares as the bearish wave in the crypto space intensifies. The overall crypto market lost more than 3.5% of its value, exploring levels beneath the $2 trillion levels. Crypto capitalization has never seen such lows since 2021 September.

Bitcoin has lost critical support at $42.5K following a 3.7% drop. With such conditions, market experts believe Bitcoin can hit the support floor at $40K. If the largest crypto fulfills that narrative, BTC will head to the value area of $37,500.

On the other side, BTC Fear & Greed index hit low levels, seen last in 2021 July. That indicates extreme fear within the market and might translate to dib-buying opportunities. Nonetheless, most crypto analysts have stated that this market crash resembles the 2021 September. Nevertheless, Bitcoin has to rebound to value areas in the $45,000 – $50,000 to validate the case.

Meanwhile, the nationwide protest in Kazakhstan saw an internet blackout in the country. That is a massive blow as Kazakhstan contributes more than 15% of the overall mining hash rate. What if crypto miners in the area start selling Bitcoin after internet resumes? BTC critics such as Peter Schiff trusts the dominant coin will crash to levels of $15,000.

Altcoin Market Suffer Than Bitcoin

The retracement in the alt marketplaces appears to be severe than what Bitcoin presented today. The second-largest cryptocurrency ETH has lost another 6%, crashing to value areas beneath $3,250. Other alternative coins recorded even massive retracements. Solana saw its price sweeping beneath $140 after an 8% 24hr loss. That had SOL around 40% from its ATH levels.

On the other side, Terra’s governance coin LUNA dropped towards $70. With that, the altcoin stayed 30% away from its latest record high past $100. Indeed Bitcoin dragged the altcoin market lower.

The latest crash in the crypto space came as Wall Street noted correction. That was after Fed comments highlighted rates surges. Is this the last correction before the cryptocurrency industry kick-starts upward actions? Share your opinions in the reply area below.