At the time of this writing, the maiden digital coin is changing hands at $16,135 and has been down by more than 3% for the past 24 hours.
Bitcoin once again colored its charts in red as it dumped almost 16% of its spot trading price over the last 30 days.
Its overall valuation, which at one point this month reached more than $400 billion, now stands at $310.01 billion.
While the broader crypto market was severely hit by the ripples of the FTX collapse, Bitcoin’s inability to hold its ground and maintain the crucial $18,400-$18,200 support region, it sustained for the past five months proved to be the main reason for the asset’s struggle.
Sellers were a big part of this too as they took advantage of the negative implications of the FTX drama to break down the BTC price to the level it currently is right now.
To make matters worse, it would appear that sellers are not yet done as they have the chance to pull Bitcoin all the way down to $12,500, reducing its current trading price by 23.4%.
Should this happen, the market capitalization of BTC will once again take a heavy blow, pulling the overall valuation of the crypto market to significantly lower levels.
Bitcoin pushed its overall valuation to more than $1 trillion when it achieved its current all-time high (ATH) value of $69,044.
