Crypto Markets Lose $80 Billion Daily As Bitcoin (BTC) Falls To $58,000 (Market Watch)

Bitcoin price soared to a multi-day high of nearly $62,000 yesterday, but failed there, and the subsequent pullback took it south by about four grand.

Altcoins have also turned red on a daily basis, with ETH retreating 4.5% to just over $2,600.

BTC up to $58,000

The major cryptocurrency saw some volatility last week, but managed to recoup most of the losses in the end. On Friday, the asset had approached $63,000 after gaining more than $13,000 from Monday’s low.

The weekend was relatively slow as BTC lost ground and was mostly between $60,000 and $61,000. Monday began with another pullback, but this time much less painful, as bitcoin fell to just under $58,000.

It bounced on Tuesday and Wednesday and jumped near $62,000 yesterday after the US announced July CPI data. However, BTC later fell again following reports that the US government had sent approximately $600 million to Coinbase Prime.

The cryptocurrency’s local low hit just under $58,000 hours ago. Despite being able to bounce above this level now, the asset is still down more than 4% on the day. Its market capitalization has shrunk to $1.15 trillion, while its hold on the highs has taken a hit, falling to 53.3%.

Bitcoin/Price/Chart. 15.08.2024. Source: TradingView Highs Down

Ethereum is among the poorest in the last 24 hours among the largest-cap altcoins. It’s down by a similar percentage to BTC and stands at just over $2,400 after Jump Crypto’s latest ETH selloff sparked speculation of a further decline.

Binance Coin, Solana, Ripple, Toncoin, Dogecoin, Cardano, Shiba Inu, Bitcoin Cash and Polkadot are also in the red, while Tron has seen a minor increase.

The biggest losers in the alternative mid-cap cohort are TIA, WIF and BRETT, all of which are down around 7-9%.

The total crypto market cap has dropped to $2.16 trillion, which means it has lost roughly $80 billion since yesterday.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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