Bitcoin’s price rejection at $76,000 a couple of days ago only accelerated yesterday and earlier today, with the asset dipping below $70,000 for the first time since last Thursday.
The altcoins have faced enhanced volatility as well, with ETH dropping below $2,200 and XRP slipping beneath $1.50. ZEC, WLD, and MNT have plummeted by double digits.
BTC Price Dips Below $70K
The primary cryptocurrency touched $74,000 last Friday when it was stopped and pushed south toward $70,000 during the weekend after the latest bombings in the Middle East. However, it maintained that level, and the bulls stepped up as the new business week began.
The culmination took place on Tuesday morning when bitcoin shot up to its highest price level in roughly six weeks at $76,000. Nevertheless, its progress was quickly halted, and the asset retraced to $74,000.
Although it remained there at first on Wednesday, more volatility ensued in the hours leading up to the highly anticipated second FOMC meeting of the year. BTC dropped by several grand to just under $71,000 when the Fed announced what many expected that it wouldn’t change the interest rates.
Bitcoin bounced to $72,000 at first, but nosedived once again on Thursday morning, dropping below $70,000 for the first time in a week. Despite rebounding to just over that level now, it’s still 5% down on the day. Its market cap has dropped to $1.410 trillion, and its dominance over the alts is down to 56.3% on CG.
Altcoins Bleed
Most larger-cap alts have followed BTC on the way south. Ethereum is down by over 6% daily and sits well below $2,200. XRP lost the $1.50 support after a 3.5% decline. BNB has dipped beneath $650, SOL is down to $90, while ADA, LINK, and XMR have posted even more significant losses.
The biggest daily declines are evident from ZEC (-14%), WLD (-13%), MNT (-11%), and TAO (-10%). In contrast, HASH and RIVER have surged by double digits to $0.144 and $26.6, respectively.
The total crypto market cap, though, has erased $100 billion since yesterday’s peak and is down to $2.5 trillion on CG.
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