Bitcoin Struggles Below $37K
Bitcoin’s performance continues to disappoint as the asset has fallen below $37,000 multiple times in the past 24 hours.
BTC Volatility Amid Binance Settlement
Last week was highly volatile for Bitcoin due to Binance’s $4.3 billion settlement with the US Department of Justice. The resignation of Binance’s CEO further intensified the fluctuations, causing BTC to experience significant price swings of around $2,000 on Wednesday and Thursday.
However, the bulls managed to regain control on Friday and pushed the price to an 18-month high of $38,500. But since then, Bitcoin has been losing momentum and slipped back below $38,000 over the weekend.
Today, BTC experienced further price declines, briefly dropping below $37,000. Although it currently sits just above that level, its market capitalization has decreased to $725 billion.
Most Altcoins in Decline
Many larger-cap altcoins have also seen consecutive days of price drops. Ethereum dipped below $2,000 earlier today but has since recovered slightly and now hovers just above that mark, although it remains 1.7% down for the day. Other altcoins such as BNB, XRP, SOL, LTC, DOT, BCH, and LEO have also declined by similar percentages.
Altcoins like Cardano, Dogecoin, Tron, Chainlink, Avalanche, and Shiba Inu have experienced daily losses of up to 4%. ATOM has seen an even greater decline of 5.5%. Only Toncoin and Uniswap among the larger-cap altcoins have gained around 3% today.
One notable performer is FTX Token (FTT), which has surged by 10% overnight and 35% over the past week.
Total Market Cap Decreases
The total cryptocurrency market cap has dropped by another $20 billion and now stands at $1.4 trillion on CoinMarketCap.
Hot Take: Bitcoin Struggles to Regain Momentum
Bitcoin’s lackluster performance continues as it struggles to regain momentum and surpass the $37,000 level. The recent volatility, driven by Binance’s settlement and CEO resignation, has contributed to the price fluctuations. Despite some recovery attempts, BTC remains under pressure, affecting the wider altcoin market. Most altcoins have experienced consecutive days of price drops, while a few defy the market sentiment with slight gains. As the total market cap decreases, it remains to be seen how Bitcoin and altcoins will fare in the coming days.
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