Crypto markets lose $130 billion as Bitcoin (BTC) sinks to 9-day low (Market Watch)

Bitcoin took another turn for the worse in the last day or so as it fell to its lowest price position in over a week today at $58,100.

Altcoins aren’t in the best shape, with ETH dumping 8%, SOL down 7% and DOGE down 6%.

Bitcoin’s Nosedive

The major cryptocurrency had a very positive end to the previous business week, which was generally slow until Friday. That’s when positive developments on American soil, including the Fed chairman’s promise to cut interest rates and RFK’s endorsement of Donald Trump, sent it flying more than four thousand in less than d one day

As such, BTC hit a high of just under $65,000 on Saturday. Although it pulled back slightly on Sunday, it was back on the offensive Monday morning and briefly topped $65,000 for the first time in three weeks.

However, that’s where progress stalled and the asset began to lose traction. It had dropped to around $63,000 yesterday, but the bears took full control and started a major decline in the last 12 hours.

More specifically, BTC fell to a 9-day low of $58,100 (on Bitstamp), leaving over $320 million in liquidations and ETF experts baffled. Despite regaining some ground and currently trading around a major upside, BTC is still down 5.5% on the day and its market cap is down to $1.170 trillion.

Bitcoin/Price/Chart 28.08.2024. Source: TradingView Alts See Nothing but Red

The landscape among altcoins is no different. Ethereum is down 8% and is well below $2,500. SOL has fallen to $145 after a 7% daily correction. AVAX, SHIB, DOGE, BCH, UNI and NEAR have recorded similar losses.

As expected, the ever-volatile meme coin sector has been the hardest hit. You can check out some of the big losers here.

The cumulative market capitalization of all crypto assets is reduced to $2.170 trillion. That means the metric is down $130 billion since yesterday and over $200 billion since Monday.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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