Crypto Markets Lose $100 Billion As Bitcoin (BTC) Falls Below $56,000 (Market Watch)

Bitcoin attempted to break $60,000 yesterday morning, but stalled and pushed south to a monthly low below $56,000.

Altcoins have followed suit with substantial declines as ETH has dropped to $2,400 while BNB is at $510.

BTC continues to fall

It’s safe to say bitcoin has seen better days. In fact, he tried to cut $65,000 last Monday, but his inability to do so led to a continued price slide. BTC initially fell to $58,000 on Wednesday, but regained some ground by the end of the week and even challenged $61,000 on Thursday.

However, it failed there as well and settled below $60,000 for the weekend. Monday began with a slight pullback towards $57,000, but the bulls managed to intervene and reverse the asset’s trajectory.

Bitcoin actually shot up to $59,600 on Tuesday morning, but this was its best chance. It lost big almost immediately, but the picture got worse today when it fell to a monthly low of $55,600 (on Bitstamp), leaving millions in liquidation.

It has recovered about a million since then, but is still down 4% on the day. Its market cap is down to $1.12 trillion, and its dominance of the highs is less than 54% at CG.

Bitcoin/Price/Chart 04.09.2024. Source: TradingView TON in a slump

As usually happens in such situations, altcoins have also turned red. Ethereum is down to $2,400 after a 5% daily drop, BNB is at $510 after a similar drop, while XRP, SOL, DOGE, ADA, AVAX and SHIB have produced slightly less painful pullbacks.

However, Toncoin has left the largest of the largest limits. The asset has fallen more than 11% in the past day alone and is now struggling at $4.65.

Small-cap and mid-cap stocks are also in a losing streak. As such, the total crypto market capitalization has plummeted by about $100 billion since yesterday’s peak and is now less than $2.1 trillion in CG.

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