Bitcoin Drops Below $60,000 Amid Massive Crypto Market Sell-Off

Cryptocurrencies have experienced significant losses in value on both a daily and weekly basis in recent days. Bitcoin's price fell below the $60,000 level for the first time in weeks. This decline had more pronounced effects on altcoins; While Ethereum (ETH) fell below $2,900, Solana (SOL), Dogecoin (DOGE) and Bitcoin Cash (BCH) lost 6-7% of their value.

Bitcoin Drop Below $60,000 Brings Significant Changes$BTC

There were major fluctuations in the cryptocurrency market last weekend. Initially, Donald Trump's attendance at a conference and his statements in favor of cryptocurrencies increased the value of Bitcoin. However, this positive atmosphere did not last long. After rising to almost $70,000, Bitcoin fell to $66,000 on Monday evening. Later in the week, bears took control of the market and the Bitcoin price dropped to $60,000.

News of the US's highest unemployment rate since 2021 increased the selling pressure on Bitcoin, which also affected other risky assets, especially US stocks. Bitcoin continued its decline over the weekend, falling to a three-week low below $60,000. Although there has been a slight recovery, Bitcoin has lost approximately 2% on a daily basis and over 10% on a weekly basis. While Bitcoin's market value decreased to 1.2 trillion dollars, its dominance over altcoins increased to 53.2%, according to CoinGecko data.

The increasing dominance of Bitcoin shows that altcoins are experiencing greater losses. Among major altcoins, Solana (SOL), Dogecoin (DOGE), Avalanche (AVAX), Shiba Inu (SHIB), Bitcoin Cash (BCH) and Near Protocol (NEAR) lost between 5% and 8%. Ethereum (ETH) and Binance Coin (BNB) fell by approximately 3%, falling to $2,890 and $523, respectively. Other altcoins, XRP, TON, ADA, LINK, UNI and LTC, also lost value, but the declines were less severe.

Overall, the total value of cryptocurrency markets has fallen to approximately $2.230 trillion, losing approximately $70 billion in just one day and more than $300 billion in the past few days. According to CoinGecko data, this volatile market situation requires investors to be careful. The current decline may be a reflection of global economic uncertainties and other market factors. Investors are watching closely to see whether the market will stabilize and whether Bitcoin and altcoins will recover.

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