Bitcoin’s price finally touched the coveted $70,000 level yesterday but experienced a massive rejection that pushed it south by over four grand.
The altcoins have also turned red on a daily scale, propelling a $100 billion decline in the total crypto market cap.
It was last Thursday when the bears seemed in complete control of the market as they drove bitcoin south hard from over $67,000 to a multi-day peak of under $63,500.
However, the bulls came out of the woods at that point and didn’t allow any further declines. In fact, BTC reversed its trajectory and started to gain traction, which culminated in a price surge to over $69,000 on Saturday as the community was preparing for the Bitcoin Conference in Nashville and Donald Trump’s speech.
Once he took the stage, volatility ensued and BTC fell by $3,000, bounced off to its starting position, and returned to $67,200. The bulls stepped up on the gas pedal once again on Monday and they pushed the cryptocurrency to its highest price tag in almost seven weeks of $70,000.
This is where the momentum was halted, perhaps driven by the actions of the US government, and bitcoin dumped hard by over four grand. Despite recovering about $1,000 since its low, BTC is still 4% down on the day. Its market cap has declined to $1.320 trillion, and its dominance over the alts has been reduced to 52.5%.
Bitcoin/Price/Chart 30.07.2024. Source: TradingView
As it typically happens when BTC heads in either direction, so do most alts. The biggest losers from the larger caps include SO (-4.5%), AVAX (-5%), ADA (-4%), DOGE (-3.6%), and others.
ETH XRP, TON, TRX, SHIB, and LINK are also in the red, but in a less painful manner. JUP, TAO, WIF, BONK, AR, and ICP have lost more than 5% in the past day.
The total crypto market cap tapped $2.6 trillion yesterday but dumped by over $100 billion to its local low today.
Cryptocurrency Market Overview. Source: QuantifyCrypto
The post Crypto Markets Shed $100B Daily as Bitcoin (BTC) Slumped by $4K (Market Watch) appeared first on CryptoPotato.
The altcoins have also turned red on a daily scale, propelling a $100 billion decline in the total crypto market cap.
BTC Rejected at $70K
It was last Thursday when the bears seemed in complete control of the market as they drove bitcoin south hard from over $67,000 to a multi-day peak of under $63,500.
However, the bulls came out of the woods at that point and didn’t allow any further declines. In fact, BTC reversed its trajectory and started to gain traction, which culminated in a price surge to over $69,000 on Saturday as the community was preparing for the Bitcoin Conference in Nashville and Donald Trump’s speech.
Once he took the stage, volatility ensued and BTC fell by $3,000, bounced off to its starting position, and returned to $67,200. The bulls stepped up on the gas pedal once again on Monday and they pushed the cryptocurrency to its highest price tag in almost seven weeks of $70,000.
This is where the momentum was halted, perhaps driven by the actions of the US government, and bitcoin dumped hard by over four grand. Despite recovering about $1,000 since its low, BTC is still 4% down on the day. Its market cap has declined to $1.320 trillion, and its dominance over the alts has been reduced to 52.5%.
Bitcoin/Price/Chart 30.07.2024. Source: TradingView
Alts Turn Red
As it typically happens when BTC heads in either direction, so do most alts. The biggest losers from the larger caps include SO (-4.5%), AVAX (-5%), ADA (-4%), DOGE (-3.6%), and others.
ETH XRP, TON, TRX, SHIB, and LINK are also in the red, but in a less painful manner. JUP, TAO, WIF, BONK, AR, and ICP have lost more than 5% in the past day.
The total crypto market cap tapped $2.6 trillion yesterday but dumped by over $100 billion to its local low today.
Cryptocurrency Market Overview. Source: QuantifyCrypto
The post Crypto Markets Shed $100B Daily as Bitcoin (BTC) Slumped by $4K (Market Watch) appeared first on CryptoPotato.
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