Markets
Crypto Markets Lose $70 Billion Overnight as Bitcoin Falls to 6-Week Lows (Market Watch)
The relatively quiet weekend ended with BTC struggling to stay above $64,000, but Monday began with a massive price drop to a 6-week low of $62,000.
Altcoins have also turned red, with SOL, SHIB, UNI, BCH and many others falling more than 5% each day.
BTC collapses to 62 thousand dollars
Last week was not good for the primary cryptocurrency as ETF outflows skyrocketed. The underlying asset fell from a weekly high of over $67,000 to a multi-week low of $63,500 on Friday. Compared to the previous week, the losses were even more violent as BTC had reached $70,000 on some occasions.
The weekend was, as expected, less volatile. Cryptocurrency spent topped $64,000 after regaining some momentum Friday evening. However, Monday started with bear control reported Before.
In a matter of hours, the largest digital asset plummeted by nearly $3,000 and fell to $62,100 for the first time since May 15. Despite having rebounded and recovered around $700 since then, Bitcoin is still down 2.3% on the day. Additionally, BTC is now trading 5% lower than last week.
Its market capitalization has fallen by $1.24 trillion, but the silver lining comes from its growing dominance, which reaches up to 51.6%.
Bitcoin/Price/Chart 06.24.2024. Source: TradingView
Red among others
As usually happens when BTC heads violently south, so do most altcoins. Ethereum fell below $3,340 after a 3% daily decline. BNB is also down 3% at $575. Similar losses come from DOGE, TON, ADA, AVAX and LINK.
Even more painful declines come from SOL, SHIB, UNI and BCH of the largest capitalized alts, which saw declines of around 6-8%. The meme coin industry is in an even worse state, with several double-digit declines from the likes of PEPE, FLOKI, BRETT, and others.
The cumulative market capitalization of all crypto assets fell by $70 billion from yesterday to just under $2.4 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.