The total value of all cryptocurrencies has dropped to below $2.3 trillion.
Yesterday, Bitcoin briefly rose above $65,000, but soon after, its value fell by more than $2,000. Right now, Bitcoin is trading below $63,000. This drop has also affected other cryptocurrencies badly. Coins like UNI, LINK, and TON have all lost more than 4% in a day.
BTC Under $63K
Last week, Bitcoin mostly stayed below $60,000. However, things changed on Friday after two positive news events in the US. First, Fed Chair Jerome Powell said that it might be time to lower interest rates, which most experts expect to happen in September.
Second, RFK dropped out of the 2024 US presidential race and endorsed Donald Trump, who is known to support cryptocurrencies. This news helped Bitcoin rise quickly, reaching over $65,000 by Saturday morning.
After a calm weekend, Bitcoin continued to rise on Monday but was stopped at just over $65,100. Since then, its value has dropped by more than $2,000 and is now struggling to stay below $63,000, even though there has been positive news about Bitcoin ETFs in the US.
Bitcoin’s total market value has fallen by $20 billion in one day to $1.240 trillion. Despite this, it still controls nearly 54% of the total cryptocurrency market.
Alts Bleed Out
Today, many altcoins have decreased in value, with Uniswap and Chainlink seeing the biggest drops among the larger cryptocurrencies. Uniswap (UNI) has fallen by nearly 6%, bringing its price below $6.20. Chainlink (LINK) has dropped by 6.4%, with its price falling under $12.
Other cryptocurrencies like Cardano, Bitcoin Cash, Polkadot, Tron, Dogecoin, and Toncoin have also decreased, with their prices falling between 3% and 4%. Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), and Avalanche (AVAX) are also experiencing losses, though not as severe.
Overall, the total value of all cryptocurrencies has decreased by over $50 billion in one day, bringing the market capitalization down to just under $2.3 trillion.
