Economic uncertainty in the United States has caused Bitcoin prices to fall sharply in recent days, with the asset plummeting to $60,500, its lowest level in nearly three weeks.
The situation is even worse for altcoins, with SOL, TON and UNI all plummeting by over 5% in the past day, while ETH has fallen below $3,000.
BTC hits lowest price in three weeks
Earlier this week, no one could have predicted what would happen just a few days later: Bitcoin assets soared to $70,000 on Monday after Donald Trump's triumphant attendance at the Bitcoin Conference 2024 in Nashville.
However, it was quickly rejected at the seven-week high, dropping almost immediately by $4,000. A brief lull was seen on Tuesday and Wednesday, but the bears regained control on Thursday and Friday, initiating several pullbacks that ultimately saw prices plummet to $60,500 late last night.
This marked the cryptocurrency's lowest price since July 14. The decline can mainly be attributed to uncertainty in the U.S. economy, after a weak jobs report on Friday showed the unemployment rate at its highest since October 2021 at 4.3%.
The result was shockwaves among investors, leading to millions of dollars being pulled from spot Bitcoin ETFs and a major Wall Street crash.
Currently, BTC has recovered somewhat and is nearing $62,000, and although its market cap has plummeted to under $1.22 trillion, its dominance over altcoins is now nearly 53%.
The alternative is bleeding
Alternative coins have overtaken and even surpassed BTC in the process of the decline. Ethereum lost 5% of its value in a day, dropping below $3,000. BNB's daily losses were similar, with the asset now trading below $550.
Even bigger declines include Solana (-5%), Toncoin (-6%), and Uniswap (-5.5%). Further declines include FLOW (-12%), MKR (-9.5%), WIF (-9%), JUP (-9%), and ONDO (-9%).
The cumulative market capitalization of all crypto assets has fallen to $2.3 trillion, meaning a loss of $100 billion since yesterday and $150 billion over the past two days.
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