Bitcoin Loses $70K Level, Bitcoin Cash Soars 12% Ahead of Second Halving (Market Watch)

8 months ago 9

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Bitcoin’s price had a relatively quiet weekend before it jumped to just over $71,000 when it was stopped and pushed down by a few grand.

Most altcoins are also in the red on a daily scale, with SHIB and UNI losing the most, followed by ADA and AVAX.

Bitcoin Rejected at $71K

Last week started on a high note for the primary cryptocurrency, which jumped by several grand on Monday and Tuesday and kept climbing on Wednesday to a 15-day high of just under $72,000.

However, the bears stopped the leg-up at this point, and BTC quickly reverted back down to under $68,000. The bulls stepped up on the gas once again, but this rally was halted once more at under $72,000. Another rejection followed, but this time less violent.

The weekend was quite sluggish as Bitcoin remained in a tight range of between $70,000 and $71,000. The latest attempt to overcome the latter came earlier this morning but was stopped in its tracks. The subsequent rejection drove BTC south once more, and the cryptocurrency now stands below $70,000.

Its market capitalization has slipped further away from the $1.4 trillion mark, while its dominance over the alts stands still at 49.5% on CG.

BCH Defies Market Sentiment

The past week or so has been quite beneficial to Bitcoin’s 2018 hard fork – Bitcoin Cash. Perhaps driven by the hype in regards to its upcoming halving, which should take place tomorrow, BCH has gone on a tear, with a 37% weekly surge. In the past 24 hours alone, the asset is up by more than 13% and now trades above $660.

APT, ICP, TON, LTC, and a few other larger-cap alts are also in the green but in a more modest fashion.

In contrast, the rest of the larger caps are in the red. ETH has lost over 2% of value in the past day, and trades below $3,500. BNB, XRP, DOGE, ADA, AVAX, DOT, and LINK have declined by somewhere between 3-4% in a day.

Even more painful losses come from Shiba Inu and Uniswap – both assets are down by 6-7%.

The total crypto market cap has shed about $40 billion overnight and is down to $2.760 trillion on CG.