The expectations for another dull and boring weekend in crypto didn’t pay off this time, but unfortunately for the bulls, it was the bears who took complete control.
Bitcoin led the nosedive, with a massive crash to $62,000, a level not seen in roughly three months, while the altcoins followed with big losses of their own, including a 2-year low for XRP.
From $81K to $62K in Days
We reported on multiple occasions on the substantial decline experienced since the local peak at $81,000 on November 4 after the conclusion of the US midterms. BTC’s crash began shortly after that high, and the asset crumbled below $76,000. After another minor dip to under $75,000 on November 7, it spent the previous weekend trading sideways closer to $76,000.
Monday morning began with a drop to $73,500, and the subsequent rebound attempt failed miserably. Consequently, BTC dipped below $73,000 on Tuesday after the release of the hotter-than-expected US CPI data. It tried to stage some sort of recovery again, but it was halted at $74,800 on Thursday, and it has been nothing but a painful ride south ever since.
By Friday morning, bitcoin had lost the key $70,000 support. It dumped below $68,000 mid-day before it rebounded to $70,000, only to be rejected once again. More pain followed on Saturday when the cryptocurrency staged a few consecutive leg downs, culminating in a plunge to $62,000 for the first time since mid-August. Here are some of the possible reasons behind this calamity.
Although it has rebounded by a few grand since then, BTC remains well below $65,000 as of now. Its market cap has tanked to $1.3 trillion, while its dominance over the alts is down by 1% to 59.3% on CMC.
Alts Bleed
The altcoin charts are deep in the red. ETH is down to $1,800 after a 6% decline on a 24-hour scale. XRP dumped to $0.90 earlier today, and it’s struggling below $1.00 despite a minor bounce. SOL, HYPE, XMR, DOGE, LINK, and ADA have posted losses of up to 8%.
AVAX has tanked by more than 11.5%. PUMP has plunged by almost 15%, while DOT and MORPHO are down by over 9%.
The cumulative market capitalization has erased over $300 billion since Thursday. The metric is now down to well under $2.2 trillion on CMC.
The post Crypto Markets Lost $300B in Days as Bitcoin (BTC) Slumped Below $62K: Weekend Watch appeared first on CryptoPotato.
