After rallying on Monday to a multi-day peak following the weekend de-escalation on the war front, bitcoin was violently rejected and driven south by almost three grand in hours.
Most altcoins have joined the painful ride, including ETH, which has dropped below $1,900, and HYPE, which has lost the most value out of the larger caps.
BTC Rejected
The primary cryptocurrency had a good run last week, in which it rocketed from $63,750 to a monthly peak of $67,000 in the span of 36 hours. However, it couldn’t breach that line and dipped to $64,750 on Wednesday and all the way down to its starting point at $63,750 on Friday.
The bulls intervened after this decline and helped it recover some ground to $64,000 during the weekend, when it finally calmed. The impact of the de-escalation news on the Middle Eastern attacks was expected to be felt on Monday, and it didn’t disappoint. Bitcoin jumped to $65,600 on a couple of occasions for the first time since Friday.
However, it was rejected once again, and the subsequent ride south was quite brutal. As reported earlier today, BTC slumped to $63,000 for the first time in 10 days, leaving roughly $700 million in liquidations.
Although it has rebounded slightly to $63,400 as of press time, it remains 3% down on the day. Its market cap has dropped to $1.720 trillion, while its dominance over the alts remains below 57% on CG.
Alts Bleed, Too
Ethereum rode the green wave hard yesterday, jumping to a two-month peak at $1,980. It was stopped there, and a 4.2% daily decline has driven it south by $100. XRP and SOL have decreased by similar percentages, while HYPE has plummeted by 8% to $55. ZEC, LINK, XLM, and ADA are also deep in the red.
The biggest loser today is Audiera’s BEAT. A 25% drop has pushed it south to $2.74. NEAR (-10%), SHIB (-9%), and PI (-9%) follow suit.
The cumulative market cap of all crypto assets has dumped from $2.330 trillion to $2.250 trillion as of now, losing $80 billion in just a day.
Source: CryptoPotato
