The economic uncertainty in the US pushed bitcoin’s price south hard in the past day or so, and the asset plunged to $60,500 for the first time in almost three weeks.
The altcoins are in an even worse state, with SOL, TON, and UNI plummeting by over 5% in the past day. ETH has slipped below $3,000.
BTC Sees 3-Week Low
The start of the business week couldn’t have foreseen what transpired just several days later. The asset soared to $70,000 on Monday after Donald Trump’s triumphant attendance at the 2024 Bitcoin Conference in Nashville.
However, it was swiftly rejected at that 7-week peak and driven south by four grand almost immediately. After a brief calmness on Tuesday and Wednesday, the bears resumed control on Thursday and Friday and initiated a few leg-downs that ultimately culminated in a price plunge to $60,500 late last night.
This became the cryptocurrency’s lowest price point since July 14. The declines could be mostly attributed to uncertainty in the US economy, as Friday’s weak job report indicated the highest unemployment rate since October 2021, which was 4.3%.
This resulted in a shockwave among investors who withdrew millions of dollars from the spot Bitcoin ETFs, while Wall Street crashed hard as well.
As of now, BTC has recovered some ground and stands close to $62,000. Its market cap has plunged to under $1.220 trillion, while its dominance over the alts is near 53%.
Alts Bleed Out
The alternative coins have followed and even surpassed BTC on the way south. Ethereum has seen 5% of value gone in a day and has slipped below $3,000. BNB’s daily loss is similar and the asset is under $550 now.
Even more painful declines come from the likes of Solana (-5%), Toncoin (-6%), and Uniswap (-5.5%). Further losses come from FLOW (-12%), MKR (-9.5%), WIF (-9%), JUP (-9%), ONDO (-9%), and others.
The cumulative market cap of all crypto assets has dumped to $2.3 trillion. This means that the metric is down by $100 billion since yesterday and $150 billion in the past two days.
