Markets
Bitcoin (BTC) drops below $68K, Chainlink (LINK) rises 6% (market watch)
After several days of recording impressive gains and surpassing $70,000, the price of bitcoin has plummeted in the last 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 drops $3,000
The primary cryptocurrency had a highly volatile last week amid news that the US SEC could approve spot Ethereum ETFs by the end. This prompted several rallies that culminated on Tuesday with a outbreak to nearly $72,000 for the first time since early April.
However, enthusiasm began to wane in the following days and BTC fell to $66,400 on Thursday – just hours before the US regulator approved eight spot ETH ETFs. The bulls finally broke through at this point and fueled another run that helped bitcoin to recover some land and close to $70,000 over the weekend.
After another brief pullback, the asset went back on the offensive yesterday and reached a multi-day high of $70,500. However, as bulls prepared for a run towards all-time highs, the scenario changed once again, perhaps due to the latest developments around Mt. Gox.
In a matter of hours, the cryptocurrency lost around three thousand and fell to $67,500. BTC trades centimeters above the local low now, but its market cap has fallen to $1.330 trillion. His dominance over alts is still well below 50%.
Bitcoin/Price/Chart 28.05.2024. Source: TradingView
LINK challenges market sentiment
Most of the larger-cap alts also turned red today. Ethereum leads this adverse trend with a drop of almost 2% that took it from yesterday’s peak at around $3,950 to a drop of $100. Binance Coin, XRP, DOGE, TON, ADA, AVAX, TRX and DOT also present smaller 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.
In contrast is Chainlink’s LINK. The asset jumped around 6% in one day and now trades above $18.
The total crypto market value lost around $30 billion overnight and fell to $2.680 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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