Markets
Cryptocurrency markets lost $100 billion overnight as BTC and ETH plunged to weekly lows (Market Watch)
The price of the leading digital asset has fallen sharply over the past 12 hours or so, first from $67,000 to $65,500, before falling further to a weekly low below $64,000.
Altcoins are also losing ground, with substantial losses from cryptocurrencies such as ETH, DOGE, TON, AVAX, LINK and many others.
BTC Slides Below $64,000
Since the volatile end of the previous business week, when BTC fell to $63,000, the asset has posted impressive gains and even surpassed $68,400 for the first time in more than a month, after President Joe Biden withdrew from the 2024 election race.
More volatility followed, but bitcoin mostly hovered above $67,000 with no real chance of challenging the coveted $70,000 level. Yesterday also started on a higher note, as the cryptocurrency traded above $67,000.
However, the bears intensified at this point and initially pushed the asset to $65,500 before another push took it to its lowest price since last Friday, below $64,000, despite small positive inflows into spot Bitcoin ETFs.
At the moment, BTC is hovering just a few inches above $64,000, but its market cap has fallen to less than $1.27 trillion. However, its dominance over alts is well above 52%.
Bitcoin/Price/Chart 25.07.2024. Source: TradingView
ETH on its way south
After a positive first day, spot Ethereum ETFs saw substantial outflows (from Grayscale’s fund) on the second day yesterday. This led to immediate price drops for the underlying asset, which absorbed by 10% at one point, reaching a multi-day low below $3,150.
The rest of the higher-cap alts are not faring any better, with DOGE, SOL, BNB, TON, ADA, SHIB, LINK, DOT, and AVAX in deep red. XRP and TRX are among the few alts that have been spared from the market-wide correction.
Considering that most small and mid-cap alt-caps are seeing significant losses today, it is no surprise that the total cryptocurrency market cap has lost around $100 billion since yesterday and is down to $2.420 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.