Crypto Markets Lose $70B Overnight As Bitcoin Falls To 6-Week Lows (Market Watch)

The relatively quiet weekend ended with BTC struggling to stay above $64,000, but Monday began with a massive price drop to a 6-week low of $62,000.

Altcoins have also turned red, with SOL, SHIB, UNI, BCH and many others falling more than 5% daily.

BTC falls to $62,000

Last week didn’t go well for the mainstream cryptocurrency as ETF outflows soared. The underlying asset moved from a weekly high of more than $67,000 to a multi-week low of $63,500 on Friday. Compared to the previous week, the losses were even more violent, as BTC had reached $70,000 on some occasions back then.

The weekend was expected to be less volatile. The cryptocurrency spent above $64,000 after regaining some traction on Friday evening. However, Monday began with the bears in control, as previously reported.

In a matter of hours, the biggest digital asset plummeted by nearly $3,000 and fell to $62,100 for the first time since May 15. Despite bouncing back around $700 since then, bitcoin is still down 2.3% on the day. Additionally, BTC is now trading 5% lower than it did this time last week.

Its market capitalization has plummeted by $1.24 trillion, but the silver lining comes from increased ownership, which is up to 51.6%.

Bitcoin/Price/Chart 24.06.2024. Source: TradingView Red Among Alts

As usually happens when BTC goes violently south, so do most altcoins. Ethereum has dropped below $3,340 after a 3% daily drop. BNB is also down 3% to $575. Similar losses come from DOGE, TON, ADA, AVAX and LINK.

Even more painful declines came from SOL, SHIB, UNI and BCH from the top caps, which saw declines of around 6-8%. The meme coin industry is in an even worse state, with several double digit drops from the likes of PEPE, FLOKI, BRETT and others.

The cumulative market cap of all crypto assets has dropped by $70 billion since yesterday to just under $2.4 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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