Crypto Markets in Retreat: BTC Losses $70K, WIF Plummets 11% Daily (Market Watch)

Bitcoin’s recent rally came to a halt in the past 24 hours or so, as the asset was pushed down to under $70,000 and even below $69,000.

The altcoins are also in retreat today, with notable price declines from the likes of BCH, DOT, DOGE, ICP, RNDR, WIF, and APT.

BTC Down to $69K

Bitcoin experienced a massive price decline last week when it slumped to a multi-day low of $64,500. However, the bulls managed to intervene at this point and propelled a leg up that resulted in a five-grand surge on Thursday.

After another correction a day later, BTC started to regain value during the weekend and increased back to $69,000 once again. The asset failed to overcome the $70,000 level on Sunday but managed to do so on Monday.

Moreover, that rally resulted in tapping a four-week peak of over $72,500 despite the weakening demand for spot ETFs. Yet, Bitcoin couldn’t maintain its run and started to lose value gradually yesterday. The early morning Asian trading session from today saw another decline that pushed BTC to under $68,500.

As of now, the cryptocurrency trades around $69,000. Its market capitalization has dropped to $1.360 trillion, while its dominance over the alts stands at just over 50%.

BTCUSD. Source: TradingView

WIF Heads South

Aside from BNB, TON, and XRP, most other larger-cap alts are in the red today. These three have gained somewhere between 1-3%, while ETH is down by 2.5%, SOL has shed 1.5% of its value, similar to AVAX and SHIB.

Even more losses come from the likes of DOGE (-3%), ADA (-3%), DOT (-3%), and BCH (-6%). The most notable price declines are evident from WIF (-11%), APT (-11%), RNDR (-6.5%), ICP (-6.5%), STX (-5%), and NEAR (-5.3%).

Consequently, the cumulative market cap of all crypto assets has shed over $40 billion in a day and more than $80 billion since the peak on Monday.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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