BTC loses $70,000, WIF plunges 11% daily (Market Watch)

Bitcoin's recent rally has come to a halt over the past 24 hours or so, with the asset's price dropping below $70,000 and even below $69,000.

Altcoins are also trending downwards today, with notable price drops in BCH, DOT, DOGE, ICP, RNDR, WIF, APT, and others.

BTC falls to $69,000

Bitcoin experienced a significant price pullback last week, plummeting to a multi-day low of $64,500, but bulls stepped in at this point, sparking a rally that led to a $5,000 surge on Thursday.

After another correction the following day, BTC started to regain value over the weekend, rising again to $69,000. The asset failed to break through the $70,000 level on Sunday, but managed to do so on Monday.

Moreover, the rally pushed the price to a four-week high above $72,500 despite weaker spot ETF demand. However, Bitcoin was unable to sustain the gains and began to gradually lose value since yesterday. In today's early morning Asian trading session, BTC fell to below $68,500.

Currently, the cryptocurrency is trading at around $69,000, with its market cap falling to $1.36 trillion and its lead over altcoins at just over 50%.

WIF Heads South

Most of the other large altcoins are in the red today, with the exception of BNB, TON, and XRP. While these three rose between 1-3%, ETH fell 2.5% and SOL lost 1.5% of its value, along with AVAX and SHIB.

Further losses include DOGE (-3%), ADA (-3%), DOT (-3%), BCH (-6%) etc. The most notable price declines are evident in WIF (-11%), APT (-11%), RNDR (-6.5%), ICP (-6.5%), STX (-5%) and NEAR (-5.3%).

As a result, the cumulative market capitalization of all crypto assets fell by more than $40 billion in a day, and by more than $80 billion from Monday's peak.