Over $80 Billion Wiped Out from Crypto Market as Bitcoin (BTC) Plummets Below $69K

Over the past few weeks, we’ve observed a pattern in the crypto market where history seems to repeat itself. Last Friday, Bitcoin experienced a significant drop after testing the $69,000 mark and failing. The rejection led to a drop of over $2,000, with the digital currency hovering around $67,500 over the weekend.

BTC’s Drop

Bitcoin briefly surpassed $70,000 on Monday, experienced a rejection, but then surged past that point on Tuesday, reaching a multi-week high of $72,000 on Friday. However, this was short-lived as the Friday scenario repeated, resulting in Bitcoin being pushed down to a multi-day low of $68,500. It has since recovered some ground and currently hovers above $69,000, experiencing a 2.7% decrease for the day.

Bitcoin’s market capitalization has decreased to $1.366 trillion, but its dominance over other cryptocurrencies has increased to 50.8% as they have suffered even more.

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Altcoin See Red

The situation is even more challenging for altcoins, with Ethereum dropping by 3.5% and trading below $3,700, BNB falling from over $710 to under $690, and SOL plummeting by almost 6%. Other significant losses have been observed with 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 experienced double-digit losses. The cumulative market cap of all crypto assets has decreased by over $80 billion from yesterday’s peak, dropping to under $2.7 trillion.

Read Also: Binance Thailand Lists LUNC and USTC, Bullish Sign for LUNC Recovery?

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Tolu Zach is a multifaceted professional with expertise in both crypto content creation and medical laboratory technology. With a unique blend of analytical skills and industry knowledge, Tolu navigates the complexities of cryptocurrency while maintaining a pivotal role in healthcare. Trusted for insightful analysis and accurate diagnostics, Tolu excels in diverse fields.