Crypto Markets Hemorrhage $150 Billion In 2 Days As Bitcoin (BTC) Falls Towards $60,000 (Market Watch)

Uptober hasn’t been able to prove the bulls right, at least for now, as bitcoin has gone down a lot and even as low as $60,000 yesterday.

Altcoins are also in a state of freefall, with numerous 5-6% price drops from the likes of ETH, SOL, LINK, AVAX and others.

Will Bitcoin Lose $60,000?

It was just a few days ago, on Sunday, that the major cryptocurrency was above $66,000 after a strong week in which it gained 10%. However, the bears quickly remembered their presence and began pushing the asset hard south in the following days.

After dropping to $63,000 on Monday and $60,200 on Tuesday, BTC dropped to just under $60,000 (on Bitstamp) yesterday. Bulls managed to defend that level at first, but the asset jumped to more than $62,000 by midday.

However, it stopped there and headed south once again, currently at $60,500. This has prompted many industry analysts to question whether October will be as bullish as history suggests.

BTC’s current price means its market cap has plummeted to just under $1.2 trillion after hovering above $1.3 trillion a few days ago. The bright side is that their dominance of the highs has shot up to 54.5% as most of them have suffered even more.

Bitcoin/Price/Chart 03.10.2024. Source: TradingView XRP Falls Hard

Perhaps the biggest news in the industry yesterday was the rather unexpected decision by the SEC to appeal a court decision in its lawsuit against Ripple. The move had a dramatic and immediate impact on the price of XRP, which fell by double digits. The asset is currently down 14% and is struggling to stay above $0.51.

Many other larger-cap stocks have also suffered, as mentioned above. Ethereum is down 5% to below $2,350, SOL is below $140 after a 5.5% daily drop, while AVAX and LINK are down 7% and 6%, respectively.

The main price drops come from ENA (-20%), BEAM (-19%), WIF (-16%) and BONK (-15%).

The total crypto market cap has poured in at $2.2 trillion on CG, meaning it has lost roughly $150 billion since the start of October.

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).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.

TradingView Cryptocurrency Charts.