The cryptocurrency market experienced a significant drop, losing $100 billion in one day as Bitcoin (BTC) fell by $4,000. Among the hardest-hit altcoins were SOL, ADA, and AVAX.
BTC Fails to Maintain $70K
Bitcoin briefly reached the $70,000 mark but faced a sharp pullback, falling by over $4,000. This came after a turbulent week where Bitcoin’s price had initially dropped from over $67,000 to below $63,500. However, it then rebounded, climbing past $69,000 on Saturday, just as the community geared up for the Bitcoin Conference in Nashville and a speech by Donald Trump.
Trump’s appearance sparked volatility, causing BTC to drop by $3,000, then recover to around $67,200. The bulls pushed Bitcoin to a seven-week high of $70,000 on Monday. However, the surge was short-lived, likely influenced by actions from the US government, leading to a rapid $4,000 drop. Despite recovering $1,000 since its low, BTC is still down 4% for the day, with its market cap falling to $1.320 trillion and its market dominance slipping to 52.5%.
Altcoins Also Decline
Bitcoin’s decline had a ripple effect on the altcoin market. Major altcoins such as SOL (-4.5%), AVAX (-5%), ADA (-4%), and DOGE (-3.6%) saw significant losses. Other cryptocurrencies like ETH, XRP, TON, TRX, SHIB, and LINK also declined, though to a lesser extent. Smaller caps, including JUP, TAO, WIF, BONK, AR, and ICP, dropped by more than 5% in the past day.
The total crypto market cap, which peaked at $2.6 trillion yesterday, fell by over $100 billion, highlighting the market’s volatility.
