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In the last seven days, more than $140 billion has left Bitcoin exchanges.
When Bitcoin exchanges continue to shape another regular red candle, the market capitalisation of the cryptocurrency has fallen below $1 trillion once more.
The current bull market’s third major correction is deepening, with prices already down 12.5 percent from their all-time high of $60,100 on March 13.
According to CoinGecko, the BTC market capitalisation is now $980 billion, down $140 billion in the seven days from last Thursday, March 18.
The change comes only days after analyst Willy Woo forecast that the company’s overall capitalisation will not sink below these thresholds again.
“$1T is already strongly supported by investors. I’d say there’s a fair chance we’ll never see Bitcoin below $1T again.”
The BTC market cap first reached a trillion dollars on February 19 but did not last there long, slipping below it after just four days. It surpassed ten figures for the second time on March 9, and it stayed above that mark until today’s slump.
According to CoinGecko, the overall market capitalisation of the crypto ecosystem is actually $1.65 trillion. Since Monday, March 22, it has dropped 9.8 percent, or $180 billion.
Profit taking, according to analyst Josh Rager, may be a major factor in this pullback since unrealised earnings are not known until they are in the bank.In reference to MicroStrategy CEO Michael Saylor, whose company has purchased a significant amount of Bitcoin this year, he added:
“Don’t try to act like Saylor won’t take profits eventually, cause he will along with every other fund on the planet. Then they’ll buy back lower”
There have been a range of signs that the pullback may proceed. Glassnode, an analytics company, used the risk reserve index, which assesses long-term investors’ interest in relation to the price of Bitcoin, to say that markets are close to the second half or later stages of a bull market.
Meanwhile, CryptoQuant examined BTC flows to and from exchanges to forecast that another leg up in terms of demand/supply would take some time.
At the time of writing, Bitcoin was down 3.6 percent for the day, sitting at $52,350, when the FUD began to return to the ecosystem.