Markets
Bitcoin (BTC) price unstable at $66K, Polkadot (DOT) defends $6 (market watch)
Bitcoin had another quiet weekend as it spent in a tight range between $66,000 and $66,500 before unsuccessfully trying to break out of the latter.
Altcoins also turned red daily, with AVAX, NEAR, and UNI leading the adverse trend.
BTC drops to $66K
The leading cryptocurrency began the previous trading week with an attempt to surpass the coveted $70,000 level after another quiet weekend. However, the bears were quick to intercept the movement and pushed the asset south by four thousand dollars. This came before the US CPI numbers and the subsequent FOMC meeting.
As soon as the inflation data was released and exceeded expectations, BTC shot back to $70,000, but the Fed refusal Following the ECB’s example in reducing interest rates resulted in a further decline. This time, bitcoin fell to a monthly low of $65,000.
Even so, BTC managed to regain some ground as the weekend arrived and jumped to just over $66,000. This spent the next 48 hours stayed there, but were targeting $67,000 earlier today. That attempt was unsuccessful and BTC is now just inches above $66,000 after a small pullback.
Its market capitalization remains at $1.3 billion and its dominance over alts has increased slightly to 51.4% in CG.
Bitcoin/Price/Chart 17.06.2024. Source: TradingView
Alts turn red
Most large-cap alts turned red, following BTC’s lead. ETH, BNB, and TON fell by less than 1%, while DOGE, ADA, and LINK fell by slightly more than a percentage.
DOT managed to defend the $6 support line, while DOGE, AVAX, SHIB, BCH, NEAR, UNI and IMX fell heavily, with up to 7% in the case of IMX. FET lost the most value among the largest capitalization alts, falling 10% to US$1.3.
SOL, XRP, TRX, and KAS recorded negligible gains. However, the total crypto market value has already lost more than $30 billion in one day.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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