Bitcoin falls to 6-week low as crypto market loses $70 billion overnight (MarketWatch)

A relatively quiet weekend ended with BTC struggling to rise above $64,000, but Monday began with a significant drop in price to a six-week low of $62,000.

Altcoins have also fallen, with many coins such as SOL, SHIB, UNI, and BCH dropping by over 5% on a daily basis.

BTC falls to $62,000

Last week was not a good one for the major cryptocurrency as ETF outflows surged. The underlying asset fell from a weekly high of over $67,000 to a multi-week low of $63,500 on Friday. Compared to the previous week, the losses were even steeper as BTC had reached $70,000 several times at the time.

Volatility was low over the weekend as expected, with the cryptocurrency regaining momentum on Friday night and reaching above $64,000, but as previously reported, Monday began with the bears in the lead.

In just a few hours, the largest digital asset plummeted nearly $3,000, dropping to $62,100 for the first time since May 15. Despite rebounding and recovering around $700 since then, Bitcoin is still down 2.3% in a single day. Moreover, BTC is currently trading 5% lower than it was at the same time last week.

Its market capitalization plummeted to $1.24 trillion, but the bright spot was its increased market share to 51.6%.

Red in the alternative

As usually happens when BTC falls sharply, so do most altcoins. Ethereum is down 3% on the day, below $3,340. BNB is also down 3% to $575. DOGE, TON, ADA, AVAX and LINK are also down.

The bigger declines were seen in larger altcoins such as SOL, SHIB, UNI and BCH, which saw drops of around 6-8%. The meme coin space fared even worse, with several double-digit declines including PEPE, FLOKI and BRETT.

The cumulative market capitalization of all crypto assets has fallen by $70 billion since yesterday to just under $2.4 trillion in the CG.