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Bitcoin Plummeted $6K as Crypto Market Lost $200 Billion (Market Watch)

After reaching a brand new 3-week excessive at $59,600, bitcoin slumped by roughly $6,000 in a matter of hours. Most different cash adopted go well with. Red dominates the sector, and practically $200 billion have been evaporated from the full market cap.

Bitcoin’s $6K Dump

Although BTC has failed to beat $60,000, it was really using excessive up to now few days. As reported yesterday, the cryptocurrency spiked to its 3-week highest degree at $59,600.

As the neighborhood began to anticipate one other leg as much as and above $60,000, although, the bears took management.

In the next hours, bitcoin began to lose worth quick. As a end result, the first crypto fell by greater than $6,000 to an intraday low of just under $53,600.

Despite bouncing off and recovering a couple of thousand {dollars}, BTC continues to be about 6% down on a 24-hour scale. Furthermore, bitcoin’s market dominance continues to fade away and is now down under 43%.

BTCUSD. Source: TradingView

Sea of Red Among the Altcoins

The different cash have been performing extra impressively than their chief up to now few weeks. However, most of them have plummeted since yesterday as nicely.

Ethereum, which has been on the forefront of the altseason, registered yet one more all-time excessive at $4,200 yesterday. However, it dumped by about $400 virtually instantly to a low round $3,800. ETH has recovered some floor since then however nonetheless stands under $4,000.

Binance Coin (-5.5%), Ripple (-10%), Cardano (-7.5%), Polkadot (-12%), Bitcoin Cash (-12%), Litecoin (-12%), and Chainlink (-12%) are additionally deep in purple.

Dogecoin continues with its slide since Elon Musk’s SNL look throughout the weekend. Another 11% dump has pushed the meme coin under $0.5.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses come from Bitcoin Diamond (-20%), Qtum (-18%), ICON (-17%), Ethereum Classic (-17%), OMG Network (-15%), Fantom (-15%), DigiByte (-15%), Ontology (-15%), Avalanche (-15%), EOS (-15%), and extra.

Naturally, the crypto market cap additionally felt onerous and declined by about $200 billion at one level after yesterday’s report above $2.5T. As of writing these traces, although, the metric has elevated above $2.4 trillion.


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Cryptocurrency charts by TradingView.

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