Home » News » Bitcoin Dipped to $33, 500 Amid The News From The far east: Dominance Soars As Altcoins Plunge (Market Watch)

Bitcoin Dipped to $33, 500 Amid The News From The far east: Dominance Soars As Altcoins Plunge (Market Watch)

With bad news attacks coming from almost all directions over the past week, bitcoin’ s price fails to recuperate any of the recent losses. In past times 24 hours alone, the cryptocurrency fell by almost 10 dollars, 000 following another group of China FUD.

Most altcoins have it even worse, with double-digit price slumps charted from ETH, BNB, ADA, DOGE, XRP, and more.

China Causes Another $9K Dip for BTC

Bitcoin has seen better times. The massive sell-off during the week caused substantial interruptions in the market when BTC dropped $10, 000 in a few minutes.

The situation appeared significantly more optimistic shortly after since the asset recovered the losses somewhat rapidly. Furthermore, bitcoin calmed around $40, 1000 after a few unsuccessful attempts to continue upwards.

However , China decided to remind the world once again about the negative stance on the cryptocurrency space. In its latest edition, the State Council of Tiongkok breached a crackdown upon BTC mining and trading.

As with previous examples, the price of the primary cryptocurrency tumbled immediately. It dropped from its daily high of $41, 800 to $36, five hundred instantaneously. Although this 12% dump was bad sufficient, the situation worsened shortly after, and BTC dumped to a reduced beneath $34, 000 (on Bitstamp).

In spite of recovering a few thousand dollars since then, bitcoin is still 9% down on a 24-hour level. On the positive side, its market capitalization has increased to 45% as the altcoins have plummeted even worse.

BTCUSD. Source: TradingView
BTCUSD. Supply: TradingView

Bloody Altcoins Street

As it typically occurs there’ s a highly volatile market move, the altcoins suffer even more. Ethereum is definitely 20% down now to $2, 250, however , the second-largest crypto saw its cost collapsing below $2100 previously today. Thus, ETH is all about 50% away from its most recent ATH reached just eleven days ago.

BNB dropped well below $300. Despite bouncing off to just shy of that specific level, the asset remains 23% down since the other day. Cardano (-16%), Dogecoin (-15%), Ripple (-23%), Polkadot (-25%), Bitcoin Cash (-22%), Litecoin (-17%), and Uniswap (-26%) are also well in reddish colored.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Resource: Quantify Crypto

 

The situation with the lower- plus mid-cap altcoins is a whole lot worse. OKB leads this adverse trend with a massive 40% dump. Huobi Token (-35%), Terra (-32%), Nexo (-32%), THORChain (-32%), Maker (-31%), Compound (-30%), SushiSwap (-30%), BakeryToken (-30%), Aave (-29%), and SHIBA INU (-27%) are just a few more of the double-digit price losers.

Overall, the crypto market cap lost more than $250 billion in a day and is right down to $1. 5 trillion. The metric has lost about $1 trillion since the peak earlier in May.