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Crypto markets lost $40 billion as Bitcoin fell to 10-day low: weekend watch
Bitcoin did not react well to the latest PCE data from the US, falling almost a grand to a ten-day low. Altcoins are also deep in the red, with the biggest losses coming from MATIC, DOT, UNI and others. Bitcoin fell to $23,000 The end of last week was much better than this, as BTC shot up double digits and hit a six-month high of over $25,000. At first he was unable to overcome this line decisively, but he kept trying. However, all three attempts were quickly rejected. The last one, which came in the middle of the week, pushed the...
Crypto markets lost $40 billion as Bitcoin fell to 10-day low: weekend watch
Bitcoin did not react well to the latest PCE data from the US, falling almost a grand to a ten-day low.
Altcoins are also deep in the red, with the biggest losses coming from MATIC, DOT, UNI and others.
Bitcoin fell to $23,000
The end of last week was much better than this, as BTC surged by double digits and hit a six-month high of over $25,000. At first he was unable to overcome this line decisively, but he kept trying. However, all three attempts were quickly rejected.
The latest, which came mid-week, pushed the cryptocurrency south to $23,500. Bulls attempted to intercept the move and pushed Bitcoin back above $24,000 hours later. It appeared that the asset had settled around this level, but the landscape changed when the US announced that the PCE inflation measure for January had risen by 0.6%.
Bitcoin responded with a sharp price drop that drove it from $24,000 to just under $23,000. The asset thus recorded its lowest price in ten days.
It is currently trading just inches above $23,000, but its market cap is under $450 billion. His dominance over the alts is rather stagnant at 42.1% on CMC.
BTCUSD. TradingView
Altcoins see red
As usually happens when there is increased volatility in Bitcoin, the altcoins feel it even more.
Ethereum is down 3% on the day and is struggling to stay above $1,600. Binance Coin has declined by a similar percentage and is at $300. Cardano, RippleOKB, Dogecoin, Solana, Shiba Inu and Litecoin are also in the red, losing up to 5% in a day.
Those now down over 5% include Polygon, Polkadot, Avalanche, Uniswap, ChainlinkFilecoin and many others.
Therefore, it is not surprising that the cumulative market capitalization of all crypto assets has dropped to $1.060 trillion after losing $40 billion in a day.
Overview of the cryptocurrency market. Quantify crypto