PUMP and HYPE are among the poorest performers, while Pippin has defied the market correction once again.
Bitcoin’s weekend calmness came to an end once the legacy futures markets opened, and the asset tumbled below $64,500 for the first time in over two weeks before bouncing back by a couple of grand.
Most altcoins followed suit, with SOL, HYPE, and BCH being among the worst performers from the larger caps.
BTC Dipped Below $64.5K
The previous weekend was a lot more positive for the primary cryptocurrency as it jumped past $70,000 and to almost $71,000 for the first time in about a week. However, the downtrend began on Monday with a rejection and a retracement to under $67,500. After a few unsuccessful rebound attempts, BTC slipped once again on Thursday to $65,600.
The bulls finally intervened at this point and helped bitcoin recover to almost $69,000 during the weekend. It remained in a tight range between $67,500 and $68,500 for most of Saturday and Sunday.
However, there was an elephant in the room that had to be addressed. After the US Supreme Court ruled against some of his tariffs, President Trump imposed a new global taxation of 10%, which he later wanted to raise to 15%.
Although BTC remained unfazed at first, it started to unravel once the legacy futures market opened late on Sunday and early Monday. In the span of an hour or so, bitcoin slumped by four grand to a 17-day low of $64,300, leaving millions in liquidations.
It reacted well to this crash and now sits above $66,000. Nevertheless, it’s still 2.5% down on the day, and its market cap has slipped to $1.325 trillion on CG. Its dominance over the alts stands close to 56.5%.
Alts Bleed Out
Ethereum fell from almost $2,000 to $1,850 before it bounced to just over $1,900 as of now. XRP is down by over 2% to $1.40. BNB, DOGE, ADA, and LINK have marked similar losses. Even more painful declines are evident from BCH, SOL, and HYPE, with losses of up to 6%.
In contrast, PIPPIN has skyrocketed by over 23% daily to over $0.72. The asset has defied the broader market’s correction once again. TON and M are also slightly in the green.
The total crypto market cap, though, has lost over $60 billion and is down to $2.350 trillion on CG.
Read the full article here