Crypto Markets Lose Over $200 Billion As BTC Falls To $57,000 Ahead Of FOMC Meeting (Market Watch)

The dire market conditions for all cryptocurrencies continue and have even worsened in recent hours, as bitcoin fell to another multi-month low of around $57,000.

Altcoins have followed suit with massive losses and the total market cap has lost over $200 billion in the last 36 hours or so.

Where is the Bitcoin fund?

A lot can change in the ever-volatile cryptocurrency space in a matter of days. Focusing only on the last few days, we can see that the price of bitcoin headed towards $65,000 on Monday morning, but failed to break above that level, and the next 36 hours have been quite brutal.

It all started with an immediate price drop to $62,000. It was no surprise as the asset had fallen to this level on a few occasions in the past month. However, another decline followed that took the major cryptocurrency to a two-month low of $59,100, as reported last night.

After a brief bomb, BTC headed south again in the last 1-2 hours. This time, the bears pulled it down to just over $57,000 as of now, which is the lowest price since February 28th. The latest plunge comes after the upcoming US FOMC meeting, which usually leads to a lot of volatility. in the market.

BTC is currently 9% lower on the day and 14% lower than this time last week. Its market cap has fallen to $1.13 trillion in CG, while its dominance over the alts remains at 50.5%.

Bitcoin/Price/Chart. 01/05/2024. Source: TradingView Red Sea Highs

No wonder most altcoins have followed BTC down. Ethereum was above $3,200 after local Hong Kong ETFs went live yesterday, but has since plunged more than $300 to below $2,900. Binance Coin lost the $600 level and is now down to $550.

Even more evident are the daily losses of SOL, DOGE, TON, SHIB, AVAX, BCH, NEAR and many others, which have plunged by double digits.

The total crypto market capitalization has dropped to $2.240 trillion. That means the metric has lost more than $200 billion since Monday morning, and is also at its lowest level since February.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored) LIMITED OFFER 2024 for CryptoPotato readers on Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

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