Bitcoin Price Reaches $70K Before Rejection
Bitcoin’s price reached the highly anticipated $70,000 level recently but faced a significant rejection, dropping by over four thousand dollars. The altcoins also experienced a downturn, leading to a $100 billion decrease in the overall crypto market cap.
BTC Faces Rejection at $70K
Last week, bears took control of the market, causing Bitcoin to plummet from over $67,000 to below $63,500. However, the bulls intervened and prevented further declines. Bitcoin reversed its course and surged to over $69,000 on Saturday in anticipation of the Bitcoin Conference and Donald Trump’s speech.
- Bitcoin’s price surged to over $69,000 before Trump’s speech
- Volatility ensued during Trump’s speech, causing BTC to drop by $3,000
- Bitcoin hit a seven-week high of $70,000 before facing a significant drop
The momentum was halted at $70,000, leading to a steep drop of over four thousand dollars. Despite a small recovery, Bitcoin remains 4% down for the day, with a market cap of $1.320 trillion and a dominance of 52.5% over altcoins.
Altcoins in the Red
Following Bitcoin’s movement, most altcoins also turned red. Major losers include SO (-4.5%), AVAX (-5%), ADA (-4%), and DOGE (-3.6%). Other altcoins such as ETH, XRP, TON, TRX, SHIB, and LINK also experienced losses but to a lesser extent.
- SO, AVAX, ADA, and DOGE among the biggest losers
- ETH, XRP, TON, TRX, SHIB, and LINK in a less severe decline
- JUP, TAO, WIF, BONK, AR, and ICP lost more than 5% in the past day
The total cryptocurrency market cap surpassed $2.6 trillion before dropping by over $100 billion to its current level.
Closing Thoughts 🚀
As the crypto market experiences fluctuations, it is essential to stay informed about the latest developments to make informed decisions regarding your investments. Remember that the market can be highly volatile, and prices can change rapidly based on various factors.
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