Markets
Bitcoin (BTC) Drops Below $68,000, Chainlink (LINK) Rises 6% (Market Watch)
After several days in which we saw impressive gains and surpassed $70,000, the price of bitcoin has collapsed over the last 12 hours or so to below $68,000.
Most altcoins are also slightly in the red, with ARB, BCH, and PEPE among the most notable losers.
BTC drops $3,000
The leading cryptocurrency experienced a period of high volatility last week, amid news that the US SEC could approve Ethereum spot ETFs by the end of the period. This fueled several rallies that culminated Tuesday with an average of sway to nearly $72,000 for the first time since early April.
However, the enthusiasm began to fade in the following days and BTC plummeted to $66,400 on Thursday, just hours before the US regulator actually approved eight ETH spot ETFs. At this point the bulls finally stepped up and started another run that helped Bitcoin recover some land and almost $70,000 over the weekend.
After another brief retracement, the asset went on the offensive again yesterday and reached a multi-day high of $70,500. As the bulls prepared to race towards all-time highs, however, the landscape changed once again, perhaps due to the latest developments around Mount Gox.
In a matter of hours, the cryptocurrency lost around three thousand dollars and fell to $67,500. BTC is trading a few centimeters above the local low now, but its market capitalization has fallen to $1.330 trillion. His alt dominance is still well below 50%.
Bitcoin/Price/Chart 05.28.2024. Source: TradingView
LINK challenges market sentiment
Most of the larger cap alternatives also turned red today. Ethereum leads this adverse trend with a decline of nearly 2% that brought it down $100 from yesterday’s peak of around $3,950. Binance Coin, XRP, DOGE, TON, ADA, AVAX, TRX and DOT also have smaller losses.
Bitcoin Cash is the one that has lost the most among the top 20 alternatives, losing 4.5% of its value in one day. ARB fell 5.5%, followed by PEPE’s 4.4% drop after the meme coin’s latest ATH tracked Yesterday.
In contrast, there is LINK by Chainlink. The asset rose about 6% in a day and is now trading above $18.
The total capitalization of the cryptocurrency market lost around $30 billion overnight and fell to $2.680 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
Binance $600 Free (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 on Binance (all the details).
LIMITED LIMITED OFFER 2024 at BYDFi Exchange: Welcome Reward up to $2,888, use this link to register and open a 100 USDT-M position for free!
Disclaimer: The information found on CryptoPotato is that of the writers cited. It does not represent CryptoPotato’s views on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk. For more information, please see the Disclaimer.
Cryptocurrency charts from TradingView.