Bitcoin Price Halted at $61,000, FLOKI Down 19% Daily (Market Watch)

Bitcoin price headed for a new local peak of just over $61,000, but stalled and pushed south by over two thousand.

Most larger-cap alternatives are also in the red today, with SOL and TON down more than 3%.

BTC is back below $60,000

Last Friday, US Fed Chairman Jerome Powell said it was time for the central bank to follow the lead of its European, Canadian and British counterparts and start lowering interest rates. That, combined with RFK’s withdrawal from the US presidential race and his support for Trump, sent bitcoin soaring from around $60,000 to just over $64,000 on Saturday.

After a relatively slow weekend, the cryptocurrency also went on the offensive on Monday, hitting a 3-week high of just over $65,100. However, he was unable to continue his run and was down to $63,000 on Tuesday.

That’s when the bears really stepped on the gas and pushed BTC hard south. Within hours, the asset dropped to $58,100 and later to a multi-week low of $57,900 (on Bitstamp).

Bitcoin regained some traction on Thursday and jumped to 61,200. However, this rally was also short-lived and BTC fell to $58,800. Despite making up some ground now, it’s still well below $60,000. Its market cap struggles to under $1.175 trillion, while its dominance of the highs reaches 53.8% in CG.

Bitcoin/Price/Chart 08/30/2024. Source: TradingView FLOKI Dumps Hard

Most of the larger cap alternatives are in the red today. This includes a 1% decline for ETH, BNB and AVAX, while XRP is down 1.6%. Even more painful declines are evident from SOL (-4%) and TON (-3%). In contrast, TRX, DOGE and DOT have seen negligible gains.

However, the biggest loser in the top 100 is FLOKI. The meme coin is down almost 20% in the last day to $0.0001275.

The cumulative market capitalization of all crypto assets has lost about $20 billion since yesterday and is down to $2.180 trillion in CG.

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