Bitcoin (BTC) fell below $63,000, and altcoins were in even worse trouble!
Bitcoin finally reached $65,000 yesterday, but the good times didn't last long. It was then hit hard, falling by more than $2,000 in one breath. Now the price is far below $63,000.
This big drop has made things worse for many altcoins. UNI, LINK, TON, etc. have lost more than 4% in one day.
Speaking of Bitcoin, it was hovering around $60,000 for most of last week. But on Friday, two good news came from the United States. Federal Reserve Chairman Powell said that interest rates would be cut soon, and Robert Kennedy would not run for president, and publicly supported Trump, saying that he was a "friend of cryptocurrency." These two things made Bitcoin popular, and the price rose by more than $4,000 early on Saturday morning.
I thought it could take advantage of this momentum to push up again, but it got stuck at around $65,100 on Monday morning, and then started to fall. It is still hovering below $63,000. With this drop, Bitcoin's market value has decreased by $20 billion in one day, but it is still the leader in the cryptocurrency industry, with a market share of almost half.
Look at other altcoins, which are also green today. Uniswap and Chainlink fell the most, UNI fell by nearly 6%, and LINK also fell by 6.4%. Now UNI is less than $6.2, and LINK is about to fall below $12. Cardano, Bitcoin Cash, and Polkadot were not spared, with declines of between 3% and 4%. Even big names like ETH and BNB were not immune, and although they lost less, they still lost money.
The cryptocurrency market evaporated more than $50 billion that day, and the total market value has now fallen below $2.3 trillion.
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