Crypto Markets Lose $150 Billion In 2 Days As Bitcoin (BTC) Plunges To $60.5K (Weekend Watch)

Economic uncertainty in the US pushed bitcoin’s price south over the past day or so, with the asset falling to $60,500 for the first time in nearly three weeks.

Altcoins are in an even worse state, with SOL, TON and UNI plummeting more than 5% in the last day. ETH has dropped below $3,000.

BTC sees a 3 week low

The beginning of the work week could not foresee what happened just a few days later. The asset soared to $70,000 on Monday after Donald Trump’s triumphant attendance at the Bitcoin 2024 conference in Nashville.

However, it was quickly rejected at that 7-week peak and driven south by four bigs almost immediately. After a brief lull on Tuesday and Wednesday, the bears regained control on Thursday and Friday and initiated several declines that ultimately culminated in a price drop to $60,500 last night.

This became the lowest price for the cryptocurrency since July 14. The declines could be mainly attributed to uncertainty in the US economy, as Friday’s weak jobs report indicated the highest unemployment rate since October 2021, which was 4.3 %.

This caused a shock wave among investors who pulled millions of dollars out of local Bitcoin ETFs, while Wall Street also crashed hard.

As of now, BTC has recovered some ground and is hovering near $62,000. Its market capitalization has fallen below $1.22 trillion, while its dominance over the highs is about 53%.

Bitcoin/Price/Chart 03.08.2024. Source: TradingView Alts Bleed Out

Altcoins have followed and even surpassed BTC on the way south. Ethereum has seen 5% of its value disappear in one day and has fallen below $3,000. BNB daily loss is similar and the asset is below $550 now.

Even more painful declines come from Solana (-5%), Toncoin (-6%) and Uniswap (-5.5%). More losses come from FLOW (-12%), MKR (-9.5%), WIF (-9%), JUP (-9%), ONDO (-9%) and others.

The cumulative market capitalization of all crypto assets has dropped to $2.3 trillion. That means the metric is down $100 billion since yesterday and $150 billion over the past two days.

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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