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, initially dropping from $67,000 to $65,500 before a further decline took it to a weekly low below $64,000.
Altcoins are also in a slump right now, with substantial losses coming from ETH, DOGE, TON, AVAX, LINK and many others.
BTC fell below $64,000
Since the volatile end of the previous business week, when BTC fell to $63,000, the asset has seen impressive gains and even surpassed $68,400 for the first time in over a month after President Joe Biden withdrew from the 2024 election race.
Volatility continued, but Bitcoin remained mostly above $67,000 with no real chance of challenging the coveted $70,000 level. Even yesterday, things started on a higher note, with the cryptocurrency trading above $67,000.
However, the bears intensified at this point and pushed the asset south to $65,500 initially before another surge took it to its lowest price since last Friday, below $64,000, despite minor positive inflows to spot Bitcoin ETFs.
Right now, BTC is sitting a few inches above $64,000, but its market cap has fallen to less than $1.27 trillion. However, its dominance over altcoins is well over 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 the Grayscale fund) on the second day yesterday. This led to immediate price declines for the underlying asset, which dived by 10% at one point, hitting its own multi-day low below $3,150.
Other larger-cap altcoins aren’t in much better shape, with DOGE, SOL, BNB, TON, ADA, SHIB, LINK, DOT, and AVAX deep in the red. XRP and TRX are among the few altcoins that have been spared from the market-wide correction.
With most small and mid-cap alts posting notable losses today, it’s no wonder that the total cryptocurrency market cap has lost around $100 billion since yesterday and dropped to $2.420 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.