June 21, 2024

Crypto Markets Shed $50 Billion as Bitcoin Price Dumps to Monthly Lows (Market Watch)

Bitcoin’s price continues its downfall ever since the US SEC greenlighted a bunch of ETFs last week, and it dumped to its lowest position since mid-December 2023 of under $41,000.

The landscape with the altcoins is quite similar, and the total crypto market cap has declined by roughly $50 billion overnight.

BTC Dumps Below $41K

Last week was highly volatile as the SEC approved 11 spot BTC ETFs in the middle of it. The bulls attacked with a massive leg up that pushed Bitcoin to its highest price in nearly two years, $49,000, on the day that the ETFs went live. However, that was followed by a sharp retracement that drove the asset south hard by three grand. A day later, the situation worsened, and BTC dumped by more than $7,000 since its local peak.

It managed to recover some ground during the weekend and stalled at under $43,000 for the following several days. After this untypical lack of movements, the bears stepped up on the gas once again in the past 24 hours and initiated another freefall.

This time, Bitcoin dropped under $40,800 to chart its lowest price position in a month. As of now, it has added a few hundred dollars and sits above $41,000, but it is still 3.5% down on the day.

Its market capitalization has slumped to $810 billion, while its dominance over the alts stands way below the 50% mark.

BTCUSD. Source: TradingView

Alts Turn Red

The altcoin space is not blossoming either, with red dominating almost all charts. Ethereum has slid by 2.5% and trades below $2,500 after maintaining above that line for a few weeks. Ripple, Cardano, Dogecoin, Polkadot, Tron, Chainlink, Toncoin, and Polygon have declined by somewhere between 1% and 5%.

Solana, Avalanche, ICP, and Uniswap have dropped by 6-9% in the same timeframe. Even more painful declines come from the likes of HNT, SI, ENS, LUNC, and AKT – all of which have dropped by double digits over the past 24 hours.

The cumulative market cap of all crypto assets has seen $50 billion gone in a day and is down to $1.630 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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