Bitcoin (BTC) Drops $4,000 as Crypto Market Drops $100 Billion in a Day (Market Watch)

Bitcoin price finally reached the coveted $70,000 level yesterday, only to be hit by massive rejection and drop by over $4,000.

Altcoins also fell on the daily chart, shedding $100 billion in the cryptocurrency market cap.

BTC gets rejected at $70,000

Last Thursday, the bears appeared to have taken complete control of the market, causing Bitcoin prices to plummet from over $67,000 to a multi-day high below $63,500.

However, at that point the bulls broke out and did not allow it to fall any further. In fact, BTC reversed course and started to gain momentum, with prices soaring to over $69,000 on Saturday, as the community prepared for the Bitcoin Conference in Nashville and Donald Trump's speech.

When he took the stage, volatility rose and BTC fell $3,000 before bouncing back to the opening tally and climbing back up to $67,200. Bulls stepped on the gas again on Monday, propelling the cryptocurrency to a nearly seven-week high of $70,000.

Momentum stalled here, likely due to the U.S. government's actions, and Bitcoin plummeted by over $4,000. Despite recovering about $1,000 from its lows, BTC was down 4% on the day, dropping its market cap to $1.32 trillion and its dominance over altcoins to 52.5%.

Alternatives turn red

As typically happens whenever BTC moves in either direction, so do most altcoins.The biggest losers among the large caps include SO (-4.5%), AVAX (-5%), ADA (-4%) and DOGE (-3.6%).

ETH, XRP, TON, TRX, SHIB, and LINK are also falling, but not as painfully. JUP, TAO, WIF, BONK, AR, and ICP are down more than 5% in the past day.

The cryptocurrency market capitalization hit $2.6 trillion yesterday but fell by more than $100 billion to a record low today.