Crypto Markets Lose $40B As Bitcoin Drops to a 10-Day Low: Weekend View

Bitcoin did not react well to the US’s latest PCE data and fell by nearly a grand to a 10-day low.

Altcoins are also deep in red with the largest losses coming from MATIC and DOT as well as UNI.

Bitcoin Drops to $23K

BTC soared by double-digits last week to a six-month-high of $25,000. Although it failed to overcome this line initially, it kept trying. All three attempts were quickly rejected.

The cryptocurrency soared to $23,500 with the latest update, which was posted mid-week. The bulls attempted to stop the move and drove bitcoin to over $24,000 less than 24 hours later. The asset seemed to have stabilized around this level but then the US announced that the PCE inflation rate had increased 0.6% in January.

Bitcoin’s price plunge caused a sharp reaction. It dropped from $24,000 to just below $23,000. The asset saw its lowest price in ten days.

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Although it trades at just inches above $23,000, its market cap is below $450 billion. Its dominance is not as strong as the other alts, with 42.1% CMC.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Seem Red

The altcoins are more affected by increased volatility than bitcoin.

Ethereum fell 3% today and is struggling to stay above $1,600. Binance Coin is at $300 after a similar decline. Cardano and Ripple are all in red. They have lost up to 5% per day.

Polygon, Polkadot and Avalanche are among those who have seen their share of declines by more than 5%.

It’s not surprising that crypto assets have lost $40 billion per day, resulting in a decline of $1.060 trillion in their cumulative market capital.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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By David Warsh

David Warsh is a leading expert in the field of cryptocurrency and blockchain technology. With over a decade of experience in the industry, he has a deep understanding of the intricacies of digital currencies and the potential they hold for revolutionizing various industries.