Markets
Crypto Markets Lost $70 Billion Overnight as Bitcoin Drops to 6-Week Low (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 also turned red, with SOL, SHIB, UNI, BCH and many others dropping more than 5% per day.
BTC falls to $62,000
Last week didn’t go well for the leading cryptocurrency as ETF outflows spiked. 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 severe as BTC hit $70,000 multiple times.
The weekend was expected to be less volatile. Cryptocurrency spent it surpassed $64,000 after regaining ground Friday evening. However, Monday started with the Bears in control, as reported earlier.
In a matter of hours, the largest digital asset dropped nearly $3,000 and fell to $62,100 for the first time since May 15. Although it has rebounded and recovered around $700 since then, bitcoin is still down 2.3% on the day. Additionally, BTC is now trading 5% lower than it was at this time last week.
Its market capitalization has fallen by $1.24 trillion, but the silver lining is its growing dominance, which stands at 51.6%.
Bitcoin/Price/Chart 06/24/2024. Source: TradingView
Red Among the Alt
As typically happens when BTC heads violently lower, most altcoins do as well. Ethereum fell below $3,340 after a 3% daily decline. BNB is also down 3% to $575. Similar losses were recorded by DOGE, TON, ADA, AVAX and LINK.
The most painful declines came from SOL, SHIB, UNI, and BCH, the larger-cap altcoins, which saw declines of around 6-8%. The meme coin industry is in an even worse situation, with multiple double-digit declines from PEPE, FLOKI, BRETT, and others.
The cumulative market capitalization of all crypto assets has fallen by $70 billion since yesterday to just under $2.4 trillion on CG.
Overview of the cryptocurrency market. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.