Bitcoin’s Price Drops Below $60,000
Yesterday, Bitcoin’s price experienced a significant decline as it fell below the $60,000 mark for the first time in over a month. This downward trend also affected most altcoins, with popular tokens such as SOL, DOGE, and TON seeing losses of 5-6%.
Bitcoin’s Recent Decline
Less than a week ago, Bitcoin was trading above $70,000 and even reached close to $71,000. However, recent events, including comments from the US Federal Reserve and escalating tensions between Iran and Israel, caused the cryptocurrency’s value to plummet.
- On Friday evening, Bitcoin dropped to $65,000.
- After a brief recovery on Saturday, the price declined again when Iran attacked Israel, causing Bitcoin to fall to $61,000.
- Although there was a slight rebound on Sunday and Monday, Bitcoin’s value continued to decrease, leading to yesterday’s drop below $60,000.
Altcoins Join the Downtrend
Following Bitcoin’s decline, altcoins also experienced significant losses in the past 24 hours. Ethereum, for example, dropped from over $3,100 to below $3,000, facing challenges in its price recovery. While Binance Coin (BNB) showed a slight increase, most other altcoins were in the red.
- Dogecoin saw an 8% decrease in its value, leading the downward trend.
- Toncoin (-6.5%) and Solana (-5%) followed, along with ADA, AVAX, SHIB, TRX, and LINK.
- Other altcoins such as WIF (-10%), TAO (-7.5%), and OKB (-7.5%) also experienced losses.
Total Crypto Market Cap Decreases
As a result of the overall market downturn, the total crypto market cap decreased by $60 billion overnight, reaching $2.350 trillion. This downward trend has impacted both Bitcoin and altcoins, with many traders closely monitoring the situation to assess potential investment opportunities.
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