Crypto Markets Lose $100B Overnight As BTC, ETH Plunge To Weekly Lows (Market Watch)

The leading digital asset’s price plummeted over the past 12 hours or so, first from $67,000 to $65,500, before another leg took it to a weekly low below $64,000.

Altcoins are also bleeding now, with substantial losses coming from ETH, DOGE, TON, AVAX, LINK and many others.

BTC dropped below $64,000

Since the volatile end of the previous business week, when BTC dropped to $63,000, the asset posted impressive gains and even rose above $68,400 for the first time in over a month after President Joe Biden withdraws from the 2024 election race.

More volatility followed, but bitcoin mostly held above $67,000 with no real chance to challenge the coveted $70,000 level. Even yesterday, it started on a higher note as the cryptocurrency traded above $67,000.

However, the bears rallied at this point and pushed the asset south to $65,000 early on before another push took it to its lowest price since last Friday below $64,000, despite small positive inflows into spot Bitcoin ETFs.

As of now, BTC is inching above $64,000, but its market cap has dipped below $1.270 trillion. However, their dominance over the highs is well over 52%.

Bitcoin/Price/Chart 07/25/2024. Source: TradingView ETH on a Way South

After a positive first day, Ethereum spot ETFs saw substantial outflows (from the Grayscale fund) on the second yesterday. That led to immediate falls in the price of the underlying asset, which at one point fell 10% to a multi-day low below $3,150.

The rest of the larger cap alternatives aren’t in the best shape, with DOGE, SOL, BNB, TON, ADA, SHIB, LINK, DOT and AVAX in the red. XRP and TRX are among the few alternatives that have been spared by the market-wide correction.

With most small- and mid-caps posting notable losses today, it’s no surprise that the total crypto market capitalization has lost around $100 billion since yesterday and is down to $2.420 trillion in CG.

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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