DEXE trails PI in terms of daily losses, while HASH stole the show with a massive increase of over 25%.
Perhaps accounting for the substantial escalation in the Middle East, Bitcoin’s price fell on Monday from above $64,400 to a multi-day low of $61,800, where it finally found some support.
Most larger-cap alternative assets are in the red again today, with HYPE, ZEC and XLM down around 3%.
BTC Rebounds After Drop Below $62,000
The major sale of Bitcoin by Strategy announced last Monday caused intense volatility in the market. Initially, BTC reacted with a painful drop from $64,000 to $61,200, which was rather expected given the importance of such a move. What was more surprising was the ensuing reaction, which saw bitcoin surge to $64,600 within hours.
However, this was short-lived as new attacks between the US and Iran further increased the selling pressure. This time, BTC fell to just $61,600 before beginning its recovery. The high point came over the weekend when the cryptocurrency climbed again to $64,600. Although it was stopped there, it cost most of the weekend at around $64,000.
The strategy neither bought nor sold BTC last week, which was a relief. However, Trump reinstated the US Navy blockade in the Strait of Hormuz, leading to a further decline to $61,800. Bitcoin has rebounded since then and is now almost much higher, but it is still down 3% per month.
Its market capitalization remains below $1.26 trillion, while its dominance in alternative assets is stuck at 56.7% in CG.
PI breaks new records
It’s safe to say that Pi Network’s native token is among the worst performers during this down cycle. It was rejected at $0.30 in March and has since plunged to consecutive all-time lows. After yesterday’s drop to $0.086, the token crashed again over the past day to just over $0.07, marking a new low.
DEXE is the other double-digit loser on a daily scale after its recent rally. In contrast, HASH is up 25% to $0.0095, followed by BDX’s 10% rise to a very similar price.
ETH, XRP, SOL, TRX, DOGE, RAIN and XLM lost up to 2% daily, while HYPE, ZEC and XLM lost over 3%.
The total crypto market cap lost another $20 billion and is below $2.220 trillion on CG.
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to sign up and open a FREE $500 position on any coin!
Disclaimer: Information found on CryptoPotato is that of the cited authors. It does not represent the opinions of CryptoPotato on whether to buy, sell or hold any investments. You are advised to carry out your own research before making any investment decision. Use the information provided at your own risk. See Disclaimer for more information.
