Crypto Market Loses $100 Billion Overnight as BTC, ETH Plummet to Weekly Lows (MarketWatch)

Prices of the leading digital asset have fallen sharply over the past 12 hours or so, initially dropping from $67,000 to $65,500 before dropping further to a weekly low below $64,000.

Altcoins are also currently being exfiltrated, with many coins suffering major losses, including ETH, DOGE, TON, AVAX, and LINK.

BTC Drops Below $64,000

Since a shaky close last week that saw BTC drop to as low as $63,000, the asset has recorded a remarkable rally, surging above $68,400 for the first time in over a month after President Joe Biden dropped out of the 2024 election race.

Further volatility followed, but Bitcoin mostly remained above $67,000 and never got a chance to challenge the coveted $70,000 level. Yesterday, the cryptocurrency also opened higher, trading above $67,000.

However, at this point, the bears emerged and despite some positive inflows into Bitcoin ETFs, the asset’s price initially fell to $65,500 before dropping further to below $64,000, its lowest since last Friday.

Currently, BTC sits just above $64,000, with a market cap below $1.27 trillion, but its dominance over altcoins remains well above 52%.

ETH Heads South

After a strong first day, the second day yesterday saw a large outflow from the Spot Ethereum ETF (from the Grayscale fund), which resulted in an immediate drop in the price of the underlying asset, which at one point fell 10% to a multi-day low below $3,150.

Other large altcoins are in a similar situation, with DOGE, SOL, BNB, TON, ADA, SHIB, LINK, DOT and AVAX all suffering significant declines. XRP and TRX are among the few altcoins that have escaped the market-wide correction.

With most small and mid-cap altcoins recording significant losses today, it is no wonder that the cryptocurrency market cap has fallen by around $100 billion since yesterday, dropping to $2.42 trillion in CG.