Cryptocurrency markets lost $130 billion as Bitcoin (BTC) fell to 9-day low (Market Watch)

Bitcoin took another negative turn over the past day, hitting its lowest price in over a week of $58,100 earlier today.

Altcoins aren’t in much better shape, with ETH down 8%, SOL down 7%, and DOGE down 6%.

The Bitcoin Spike

The main cryptocurrency ended last week very positively, which was generally gloomy until Friday. That’s when positive developments on American soil, including the Fed chairman’s promise to cut interest rates and RFK’s support for Donald Trump, caused its value to soar by more than four thousand dollars in less than a day.

Thus, BTC peaked just below $65,000 on Saturday. Although it pulled back slightly on Sunday, it came back on the offensive Monday morning and briefly surpassed $65,000 for the first time in three weeks.

But that’s where the advance stopped and the asset started losing traction. It had dropped to around $63,000 yesterday, but the bears took full control and initiated a massive decline over the last 12 hours.

Specifically, BTC dropped to a 9-day low of $58,100 (on Bitstamp), leaving over $320 million in liquidations and ETF experts baffled. Despite rallying and currently trading around $1,000, BTC is still down 5.5% on the day and its market cap has dropped to $1.17 trillion.

Alts only see red

The altcoin landscape is no different. Ethereum is down 8% and sits well below $2,500. SOL has plunged to $145 after a 7% daily correction. AVAX, SHIB, DOGE, BCH, UNI, and NEAR have posted similar losses.

As expected, the ever-volatile meme coin sector was hit the hardest. You can check out some of the big losers here.

The combined market cap of all crypto assets has fallen to $2.17 trillion. This means that the value has dropped by $130 billion since yesterday and by more than $200 billion since Monday.