[Bitcoin plummeted to $60,500, and the cryptocurrency market wiped out $150 billion in 2 days]
Uncertainty about the U.S. economy has caused Bitcoin prices to fall sharply over the past day, falling to $60,500 for the first time, the lowest in nearly three weeks. Altcoins have fared worse, with SOL, TON, and UNI plunging more than 5% in the past day, and ETH falling below $3,000.
Bitcoin hit $70,000 on Monday, helped by Donald Trump's appearance at the 2024 Nashville Bitcoin Conference. However, this high was immediately rejected and Bitcoin price fell by nearly $4,000. After a slight lull on Tuesday and Wednesday, bears regained control on Thursday and Friday, sending the price crashing to $60,500, the lowest price since July 14.
The main reason is uncertainty about the U.S. economy, with Friday's jobs report showing the unemployment rate hit 4.3%, the highest level since October 2021. That sent shockwaves through investors, who pulled millions of dollars from spot Bitcoin ETFs, while Wall Street also fell sharply.
As of now, Bitcoin price is back close to $62,000 and the market cap has fallen below $1.220 trillion, with dominance over altcoins approaching 53%.
Altcoins fall more than Bitcoin. Ethereum lost 5% of its value in one day, falling below $3,000. BNB has seen a similar daily drop, with the price below $550. Solana (-5%), Toncoin (-6%) and Uniswap (-5.5%) suffered more severe declines. Other losses included FLOW (-12%), MKR (-9.5%), WIF (-9%), JUP (-9%) and ONDO (-9%).
The total market capitalization of all crypto assets has fallen to $2.3 trillion, down $100 billion since yesterday and $150 billion in the past two days.
