After several days of posting impressive gains and exceeding $70,000, bitcoin’s price nosedived in the past 12 hours or so to under $68,000.
Most altcoins are also slightly in the red, with ARB, BCH, and PEPE among the most notable losers.
BTC Drops $3K
The primary cryptocurrency had a highly volatile last week amid news that the US SEC could approve spot Ethereum ETFs by the end of it. This propelled several rallies that culminated on Tuesday with a surge to almost $72,000 for the first time since early April.
However, the hype started to fade in the following days and BTC slumped to $66,400 on Thursday – just hours before the US regulator indeed approved eight spot ETH ETFs. The bulls finally stepped up at this point and propelled another run that helped bitcoin recover some ground and near $70,000 during the weekend.
After another brief retracement, the asset went on the offensive yesterday once again and spiked to a multi-day peak of $70,500. As the bulls were preparing for a run toward the all-time high, though, the landscape changed once again, perhaps due to the latest developments around Mt. Gox.
In a matter of hours, the cryptocurrency lost about three grand and dropped to $67,500. BTC trades inches above that local low now, but its market cap has dumped to $1.330 trillion. Its dominance over the alts is still well below 50%.
Bitcoin/Price/Chart 28.05.2024. Source: TradingView
LINK Defies Market Sentiment
Most larger-cap alts have also turned red today. Ethereum leads this adverse trend with a near 2% drop that has driven it from yesterday’s peak at around $3,950 down by $100. Binance Coin, XRP, DOGE, TON, ADA, AVAX, TRX, and DOT also have minor losses.
Bitcoin Cash has dumped the most from the top 20 alts, losing 4.5% of its value in a day. ARB has dumped by 5.5%, followed by PEPE’s 4.4% drop after the meme coin’s latest ATH charted yesterday.
In contrast, stands Chainlink’s LINK. The asset has jumped by about 6% in a day and trades above $18 now.
The total crypto market cap has lost about $30 billion overnight and is down to $2.680 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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