Crypto Markets Lost $80 Billion in Hours as Bitcoin (BTC) Dumped Below $69K (Weekend Watch)
History doesn’t rhyme but tends to repeat itself, which is something that has been happening in the crypto industry in the past few weeks.
In this case, bitcoin and the rest of the market dropped hard on Friday evening, similar to the events from the previous one.
BTC’s Friday Drop
It was last Friday when the primary cryptocurrency tested $69,000 but failed and the subsequent rejection pushed it south by over two grand. The weekend was quite uneventful as the asset had reclaimed some ground and stood around $67,500.
More gains came on Monday as BTC briefly exceeded $70,000. Despite failing there at first, it bounced off and soared past that line on Tuesday. In fact, it stood above it for several consecutive days and even painted a multi-week peak of $72,000 on Friday.
Yet, as mentioned above, the Friday scenario repeated, and bitcoin was stopped at the $72,000 level. The bears drove it south hard, and the cryptocurrency dumped to a multi-day low of $68,500. It has recovered some ground and now stands above $69,000, but it’s still 2.7% down on the day.
BTC’s market capitalization has dumped to $1.366 trillion, but its dominance over the alts has risen to 50.8% as they have suffered even more.
Bitcoin/Price/Chart 08.06.2024. Source: TradingView
Alts See Red
As hinted above, the landscape with the altcoins is in a worse state. Ethereum has dropped by 3.5% and sits below $3,700, BNB went from over $710 to under $690, while SOL has plummeted by almost 6%.
Even more losses come from the likes of 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 have dumped by double digits.
The cumulative market cap of all crypto assets has seen more than $80 billion gone from yesterday’s peak. As such, the metric has dropped to under $2.7 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Cryptocurrency charts by TradingView.
