Crypto Markets Lose $100M Daily As Bitcoin (BTC) Drops By $4,000 (Market Watch)

Bitcoin price finally touched the coveted $70,000 level yesterday, but experienced a massive rejection that pushed it south by more than four thousand.

Altcoins have also turned red on a daily basis, driving a $100 billion drop in the total crypto market cap.

BTC rejected at $70,000

It was last Thursday when the bears seemed to be in full control of the market as they pushed bitcoin south from above $67,000 to a multi-day high below $63,500.

However, the bulls came out of the woods at that point and allowed no further descents. In fact, BTC reversed its trajectory and began to gain traction, culminating in a price surge to over $69,000 on Saturday as the community prepared for the Bitcoin conference in Nashville and Donald Trump’s speech.

Once it took the stage, volatility ensued and BTC fell by $3,000, bounced back to its initial position, and returned to $67,200. Bulls accelerated again on Monday, pushing the cryptocurrency to its highest price in nearly seven weeks of $70,000.

This is where momentum stalled, perhaps fueled by US government actions, and bitcoin plunged sharply past four thousand. Despite recovering around $1,000 from its low, BTC is still down 4% on the day. Its market capitalization has shrunk to $1.32 trillion and its hold on the highs has shrunk to 52.5%.

Bitcoin/Price/Chart 30.07.2024. Source: TradingView Alts Turn Red

As is usually the case when BTC heads in any direction, so do most of the alternatives. Biggest losers in larger caps include SO (-4.5%), AVAX (-5%), ADA (-4%), DOGE (-3.6%) and others.

ETH XRP, TON, TRX, SHIB and LINK are also in the red, but in a less painful way. JUP, TAO, WIF, BONK, AR and ICP have lost more than 5% in the last day.

The total crypto market cap took advantage of $2.6 trillion yesterday, but shed more than $100 billion to its local low today.

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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