Crypto Markets Lost $100B Overnight as BTC, ETH Plunged to Weekly Lows (Market Watch)

4 months ago 4

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The price of the leading digital asset plummeted hard in the past 12 hours or so, first from $67,000 to $65,500, before another leg down drove it to a weekly low of under $64,000.

The altcoins are also bleeding out now, with substantial losses coming from the likes of ETH, DOGE, TON, AVAX, LINK, and many others.

BTC Slipped Below $64K

Ever since the volatile end to the previous business week when BTC dropped to $63,000, the asset was charting impressive gains and even spiked above $68,400 for the first time in more than a month after President Joe Biden bowed out of the 2024 election race.

More volatility followed, but bitcoin primarily sat above $67,000 without a real shot to challenge the coveted $70,000 level. Even yesterday, it started on a higher note as the cryptocurrency traded above $67,000.

However, the bears stepped up at this point and drove the asset south to $65,c500 at first before another push brought it to its lowest price tag since last Friday of under $64,000 despite the minor positive inflows toward the spot Bitcoin ETFs.

As of now, BTC stands inches above $64,000, but its market cap is down to under $1.270 trillion. However, its dominance over the alts is well above 52%.

Bitcoin/Price/Chart 25.07.2024. Source: TradingView

ETH on a Way South

After the positive first day, the spot Ethereum ETFs saw substantial outflows (from Grayscale’s fund) on the second yesterday. This resulted in immediate price drops for the underlying asset, which plunged by 10% at one point to a multi-day low of its own below $3,150.

The rest of the larger-cap alts are in no better shape, with DOGE, SOL, BNB, TON, ADA, SHIB, LINK, DOT, and AVAX deep in the red. XRP and TRX are among the few alts that have been spared by the market-wide correction.

With most lower- and mid-cap alts charting notable losses today, it’s no wonder that the total crypto market cap has shed about $100 billion since yesterday and is down to $2.420 trillion on CG.