Markets
Bitcoin (BTC) Falls Below $68,000, Chainlink (LINK) Rises 6% (Market Watch)
After several days of impressive gains and above $70,000, the price of Bitcoin has fallen over the past 12 hours to below $68,000.
Most altcoins are also slightly in the red, with ARB, BCH and PEPE among the most notable losers.
BTC loses $3,000
The leading cryptocurrency saw high volatility last week as the US SEC could approve Ethereum spot ETFs by the end of this week. This propelled several rallies that culminated Tuesday with a overvoltage to nearly $72,000 for the first time since early April.
However, the hype began to fade in the following days and BTC fell to $66,400 on Thursday – just hours before the US regulator effectively approved eight spot ETH ETFs. The bulls finally stepped up at this point and launched another run that helped Bitcoin. to recover of land and nearly $70,000 over the weekend.
After another brief retracement, the asset went on the offensive yesterday and reached a multi-day high of $70,500. As the bulls prepared for a run to the all-time high, the landscape changed once again, perhaps due to the latest developments around Mount Gox.
In a few hours, the cryptocurrency lost around three thousand dollars and fell to $67,500. BTC is now trading slightly above this local low, but its market cap has fallen to $1.330 trillion. Its dominance over alts is still well below 50%.
Bitcoin/Price/Chart 05/28/2024. Source: TradingView
LINK defies market sentiment
Most larger-cap alternative assets also turned red today. Ethereum is leading this unfavorable trend with a decline of almost 2%, which took it $100 off yesterday’s high to around $3,950. Binance Coin, XRP, DOGE, TON, ADA, AVAX, TRX and DOT also suffer minor losses.
Bitcoin Cash fell the most among the top 20 alts, 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. mapped yesterday.
On the other hand is the LINK of Chainlink. The asset jumped about 6% in a day and is now trading above $18.
The total crypto market cap lost around $30 billion overnight and fell to $2.680 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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