Bitcoin surged past $65,000 briefly yesterday before facing a steep rejection, causing a drop of over $2,000 and bringing the price to below $63,000.
This correction not only affected Bitcoin but also led to a significant downturn in several altcoins such as UNI, LINK, TON, and others, with losses exceeding 4% on a daily basis.
The previous week saw Bitcoin trading mostly sideways below $60,000 until Friday when two positive developments in the US sparked a rally. Federal Reserve Chair Jerome Powell hinted at a potential interest rate cut in September, while RFK’s withdrawal from the 2024 US presidential elections in favor of Donald Trump, who is known for his pro-crypto stance, further boosted Bitcoin’s price by over $4,000 by Saturday.
Despite this surge, Bitcoin faced resistance at $65,100 on Monday and has since dropped by over $2,000, struggling to stay above $63,000. The US spot Bitcoin ETFs have seen positive inflows, but Bitcoin’s market capitalization has decreased by $20 billion in a day to $1.240 trillion, with its dominance hovering just below 54% on CG.
In the altcoin market, Uniswap and Chainlink have experienced significant losses, with UNI dropping by nearly 6% and LINK by 6.4% in the last 24 hours. Other major altcoins like Cardano, Bitcoin Cash, Polkadot, Tron, Dogecoin, and Toncoin have also seen declines ranging from 3-4%. Ethereum, Binance Coin, Solana, XRP, and Avalanche have also turned red, albeit to a lesser extent.
The total market capitalization of all cryptocurrencies has decreased by over $50 billion in a day, now standing at just under $2.3 trillion.
