The first of the two massive events that can rattle the crypto markets occurred yesterday, and it didn’t go in the industry’s favor, resulting in immediate price pullbacks. Bitcoin, for example, slumped to a monthly low of $75,000.
The altcoins, especially those that were expected to benefit the most from the bill’s potential progress, are also well in the red today.
BTC Saw Monthly Low
Bitcoin’s intense volatility began at the end of the previous business week, after the release of the US CPI data. Even though the numbers matched expectations, BTC first dropped from $77,000 to $76,000 before it suddenly and unexpectedly skyrocketed to $79,800. It was rejected there and driven south to its starting point, and all of these moves occurred in the span of less than two hours.
The weekend was significantly less volatile, with the asset remaining sideways at around $77,000. It dipped again on Monday morning but then started to gradually rise in value and surged to $79,500 during the afternoon session.
More fluctuations were expected on Tuesday evening, when the US Senate was set to vote on cloture for the CLARITY Act. Once it became official that the bill was rejected, BTC went wild, going from $77,000 to a monthly low of $75,000, before it recovered some ground to just under $76,000 now. However, the situation later tonight could be just as eventful as the US Federal Reserve will announce its long-anticipated interest rate decision.
BTC’s market cap has dumped to $1.520 trillion on CMC, while its dominance over the alts is up to 59%.
XRP and Most Alts Dump
Ripple’s cross-border token is among the poorest performers today. The token was recently rejected at $1.50 and has since slumped to under $1.30 after another 8% daily decline.
Ethereum is down to $2,400 after a 3% slide, similar to SOL, DOGE, XMR, and HYPE; LINK has plummeted by 5%, and so has ADA. XLM has dived by 10% to $0.175. BTW and ZEC are among the few exceptions in the green today.
The total crypto market cap has dropped by over 2.3% in a day, according to CMC, and is below $2.6 trillion now.
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