Bitcoin (BTC) falls below $56,000, causing a $100 billion loss in the cryptocurrency market (MarketWatch)

Bitcoin tried to fall below $60,000 yesterday morning, but was stopped short and fell to a monthly low below $56,000.

Altcoins followed suit, with ETH falling to $2,400 and BNB to $510.

BTC continues to decline

It's no exaggeration to say that Bitcoin has seen better days. In fact, the company tried to reduce the price by $65,000 just last Monday, but was unable to do so, causing the price to continue to fall. BTC initially fell to $58,000 on Wednesday, but recovered somewhat by the end of the week, even challenging $61,000 on Thursday.

But it failed there too, dropping below $60,000 by the end of the week. Monday started with a slight retracement towards $57,000, but the bulls managed to intervene and reverse the asset's trajectory.

In fact, Bitcoin soared to $59,600 on Tuesday morning, but that was its best chance. I lost a lot of money almost immediately, but things got even worse earlier today when I plummeted to a monthly low of $55,600 (Bitstamp), leaving me with millions of dollars in liquidation.

It has since recovered about a grand, but is still down 4% on the day. Its market capitalization has fallen to $1.12 trillion, and its control over alternatives is less than 54% in CG.

Ton's downfall

As is often the case in situations like this, altcoins also turned red. Ethereum has fallen to $2,400 after a 5% daily decline, BNB has seen a similar decline to $510, while XRP, SOL, DOGE, ADA, AVAX, and SHIB have experienced slightly less painful retracements. is producing.

However, Toncoin released the most from large caps. The asset has fallen more than 11% in the past day alone and is currently struggling at $4.65.

Lower cap and mid-cap alternatives are also in a state of knockdown. As a result, the market capitalization of cryptocurrencies has fallen by about $100 billion from yesterday's peak and is currently below $2.1 trillion in CG.