Markets
Crypto markets lost $80 billion in hours as Bitcoin (BTC) fell below $69,000 (Weekend Watch)
History does not rhyme but has a tendency to repeat itself, which has been happening in the crypto industry in recent weeks.
In this case, bitcoin and the rest of the market fell sharply on Friday evening, similar to the events of the previous one.
BTC’s Friday drop
It was last Friday when the leading cryptocurrency tested $69,000 but failed and the subsequent rejection pushed it south by over two thousand dollars. The weekend passed without incident as the asset had regained some ground and stood at approximately $67,500.
Further gains occurred on Monday as BTC briefly topped $70,000. Despite his early failure, he bounced back and crossed that line on Tuesday. In fact, he stood above for several days in a row and even hit a multi-week high of $72,000 on Friday.
Yet, as mentioned above, Friday’s scenario repeated itself and bitcoin was stopped at the $72,000 level. The bears pushed it south hard, and cryptocurrency abandoned to a multi-day low of $68,500. It has regained some ground and is now above $69,000, but is still down 2.7% on the day.
BTC’s market cap dropped to $1.366 trillion, but its dominance over alts increased to 50.8% as they suffered even more.
Bitcoin/Price/Chart 06/08/2024. Source: TradingView
Alts See Red
As noted above, the altcoin landscape is in worse shape. Ethereum fell 3.5% and is below $3,700, BNB fell from over $710 to under $690, while SOL fell almost 6%.
Even more losses come from Dogecoin (-8.5%), Avalanche (-7%), Chainlink (-7%), Polkadot (-8%), NEAR (-8%), UNI (-7%), and MATIC (-8%).
FIL is the only notable gainer, while WIF, ARB and FET recorded double-digit dumping.
The cumulative market capitalization of all crypto assets has lost more than $80 billion from yesterday’s peak. As such, the measure fell to less than $2.7 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.