Markets
Crypto Markets Lost $70 Billion Overnight as Bitcoin Drops to 6-Week Lows (Market Watch)
The relatively calm 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 falling more than 5% daily.
BTC drops to $62K
Last week was not good for the primary cryptocurrency as ETF outflows soared. The underlying asset went 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 violent as BTC had reached $70,000 on a few occasions at that time.
The weekend was expectedly less volatile. The cryptocurrency spent is above $64,000 after regaining some strength on Friday night. However, Monday started with the bears in control as reported earlier.
In a matter of hours, the largest digital asset plummeted nearly $3,000 and fell to $62,100 for the first time since May 15. Despite recovering and gaining back around $700 since then, bitcoin is still down 2.3% on the day. Additionally, BTC now trades 5% lower than it did last week.
Its market capitalization has plummeted by $1.240 trillion, but the upside comes from its growing dominance, which stands at 51.6%.
Bitcoin/Price/Chart 24.06.2024. Source: TradingView
Red among Alts
As typically happens when BTC heads violently south, so do most altcoins. Ethereum fell below $3,340 after a 3% daily drop. BNB also fell 3% to $575. Similar losses come from DOGE, TON, ADA, AVAX and LINK.
Even more painful drops come from SOL, SHIB, UNI and BCH of the largest cap alts, which recorded drops of around 6-8%. The meme coin industry is in an even worse state, with several double-digit drops from companies like 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 in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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