Crypto Markets Lose $70 Billion Overnight As Bitcoin Falls To 6-Week Lows (Market Watch)

The relatively quiet weekend ended with BTC trying to hold above $64,000, but Monday began with a massive price drop to a 6-week low of $62,000.

Even the altcoins are back in the red, with SOL, SHIB, UNI, BCH and many others dropping over 5% daily.

BTC falls to $62k

Last week didn’t go well for the primary cryptocurrency as ETF exits skyrocketed. The underlying asset went from a weekly high above $67,000 to a multi-week low of $63,500 on Friday. Compared to last week, the losses were even more violent as BTC had touched $70,000 at times in that time.

The weekend was expected to be less volatile. The cryptocurrency spent above $64,000 after regaining some traction on Friday evening. However, Monday started with the bears in control, as reported earlier.

In a few hours, the biggest digital asset fell by nearly $3,000 to hit $62,100 for the first time since May 15. Despite rallying and recovering around $700 since then, bitcoin is still down 2.3% on the day. Additionally, BTC is now trading 5% lower than it did this time last week.

Its market capitalization has fallen by $1.240 trillion, but the silver lining comes from its increased dominance, which is up to 51.6%.

Red between altos

As is usually the case when BTC goes violently south, so do most altcoins. Ethereum has fallen below $3,340 after a 3% daily decline. BNB is down 3% as well to $575. Similar losses come from DOGE, TON, ADA, AVAX and LINK.

Even more painful declines come from SOL, SHIB, UNI and BCH from the larger cap alts, which have seen declines of around 6-8%. The meme coin industry is in even worse shape, with several double digit drops from PEPE, FLOKI, BRETT and others.

The cumulative market cap of all crypto assets is down $70 billion since yesterday to just under $2.4 trillion in CG.