BPOI Banner
Crypto Markets Shed $80 Billion Daily as Bitcoin (BTC) Slumps to $58K (Market Watch) Crypto Markets Shed $80 Billion Daily as Bitcoin (BTC) Slumps to $58K (Market Watch)

Crypto Markets Shed $130 Billion as Bitcoin (BTC) Slumped to 9-Day Low (Market Watch)

Bitcoin took yet another turn for the worse in the past day or so as it dumped to its lowest price position in over a week of $58,100 earlier today.

The altcoins are in no better shape, with ETH dumping by 8%, SOL by 7%, and DOGE by 6%.

Bitcoin’s Nosedive

The primary cryptocurrency had a highly positive end to the previous business week, which was overall sluggish up until Friday. That’s when the positive developments on US soil, including the Fed Chair’s promise to cut the interest rate and RFK’s endorsement of Donald Trump, sent it flying by over four grand in less than a day.

As such, BTC peaked at just under $65,000 on Saturday. Although it retraced slightly on Sunday, it went back on the offensive on Monday morning and briefly exceeded $65,000 for the first time in three weeks.

However, that’s where the progress stopped and the asset started to lose traction. It had declined to around $63,000 by yesterday, but the bears took complete control and initiated a massive leg down in the past 12 hours.

More specifically, BTC slumped to a 9-day low of $58,100 (on Bitstamp), leaving over $320 million in liquidations and ETF experts puzzled. Despite recovering some ground and currently trading about a grand higher, BTC is still 5.5% down on the day and its market cap has declined to $1.170 trillion.

Bitcoin/Price/Chart 28.08.2024. Source: TradingView

Alts See Nothing but Red

The landscape among the altcoins is no different. Ethereum is down by 8% and sits way below $2,500. SOL has plunged to $145 following a 7% daily correction. AVAX, SHIB, DOGE, BCH, UNI, and NEAR have charted similar losses.

As expected, the ever-volatile meme coin sector has been hit the most. You can check some of the massive losers here.

The cumulative market cap of all crypto assets is down to $2.170 trillion. This means that the metric has dumped by $130 billion since yesterday and more than $200 billion since Monday.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source link

Jordan Lyanchev

https://cryptopotato.com/crypto-markets-shed-130-billion-as-bitcoin-btc-slumped-to-9-day-low-market-watch/

2024-08-28 08:52:01

bitcoin
Bitcoin (BTC) $ 67,750.15 1.41%
ethereum
Ethereum (ETH) $ 2,620.26 0.91%
tether
Tether (USDT) $ 0.999698 0.08%
bnb
BNB (BNB) $ 602.68 1.67%
solana
Solana (SOL) $ 154.80 0.94%
usd-coin
USDC (USDC) $ 0.999687 0.09%
xrp
XRP (XRP) $ 0.549368 1.57%
staked-ether
Lido Staked Ether (STETH) $ 2,619.65 0.91%
dogecoin
Dogecoin (DOGE) $ 0.126618 9.96%
tron
TRON (TRX) $ 0.159959 0.73%
the-open-network
Toncoin (TON) $ 5.25 0.94%
cardano
Cardano (ADA) $ 0.355495 0.11%
avalanche-2
Avalanche (AVAX) $ 28.12 0.35%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 3.66%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,094.62 0.80%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,601.11 1.27%
weth
WETH (WETH) $ 2,619.60 0.92%
bitcoin-cash
Bitcoin Cash (BCH) $ 365.23 3.61%
chainlink
Chainlink (LINK) $ 11.32 0.21%
polkadot
Polkadot (DOT) $ 4.34 1.00%
near
NEAR Protocol (NEAR) $ 5.00 0.42%
dai
Dai (DAI) $ 0.999591 0.06%
sui
Sui (SUI) $ 2.11 4.17%
uniswap
Uniswap (UNI) $ 7.62 2.63%
leo-token
LEO Token (LEO) $ 6.06 0.61%
litecoin
Litecoin (LTC) $ 70.11 0.16%
aptos
Aptos (APT) $ 10.12 3.36%
pepe
Pepe (PEPE) $ 0.000011 3.12%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,751.00 0.86%
bittensor
Bittensor (TAO) $ 586.08 0.89%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.44 0.85%
internet-computer
Internet Computer (ICP) $ 7.96 0.87%
kaspa
Kaspa (KAS) $ 0.131401 1.99%
ethereum-classic
Ethereum Classic (ETC) $ 19.47 0.90%
first-digital-usd
First Digital USD (FDUSD) $ 0.999845 0.11%
monero
Monero (XMR) $ 156.33 1.73%
stellar
Stellar (XLM) $ 0.095174 2.53%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.372019 0.90%
blockstack
Stacks (STX) $ 1.85 3.06%
dogwifcoin
dogwifhat (WIF) $ 2.65 2.80%
immutable-x
Immutable (IMX) $ 1.53 1.17%
okb
OKB (OKB) $ 41.15 0.43%
ethena-usde
Ethena USDe (USDE) $ 0.998925 0.01%
whitebit
WhiteBIT Coin (WBT) $ 16.37 0.19%
aave
Aave (AAVE) $ 157.33 0.36%
filecoin
Filecoin (FIL) $ 3.78 0.36%
optimism
Optimism (OP) $ 1.78 3.68%
render-token
Render (RENDER) $ 5.43 0.24%
crypto-com-chain
Cronos (CRO) $ 0.079023 2.02%
mantle
Mantle (MNT) $ 0.624936 1.00%