Crypto Markets Shed $80B Daily as BTC Dives Below $74K: Market Watch
Bitcoin fell below $74,000 on Monday, dragging the total crypto market cap down by over $80 billion to $2.47 trillion.
Bitcoin's Monday kicked off with a significant drop, falling below $74,000 for the first time since mid-August. The leading cryptocurrency's decline triggered a broader market downturn, with altcoins following suit and some posting even more substantial losses.
The total cryptocurrency market cap plummeted below $2.5 trillion as the market reacted to increased volatility surrounding the US midterm elections. Bitcoin had previously experienced wild swings, dropping to $75,600 after the Democratic sweep before skyrocketing to $81,000 hours later.
Market Volatility
October ended with Bitcoin down over 7%, with significant losses occurring after a major exploit against Binance. The new month continued this volatile pattern, with Bitcoin crashing alongside Wall Street and most major financial markets on Thursday afternoon.
After trading sideways between $75,500 and $76,000 over the weekend, bears resumed control on Monday morning, driving Bitcoin to a fresh multi-month low of $73,500. The total value of liquidations jumped to $1 billion during this downturn.
Altcoin Declines
Ethereum was among the poorest performers, dropping by almost 6% to $2,100. Despite liquidating some major players, whales took advantage of the dip to accumulate more ETH. XRP posted similar losses, falling below $1.10.
While this sounds like a painful drop, because it is, it's still nothing compared to last Thursday's Wall Street crash.
Other notable losers include HYPE, NEAR, SOL, ZEC, DOGE, LINK, UNI, XLM, and TAO, with RAIN plunging over 16%. PEPE and QNT were among the few altcoins in the green during this market downturn.
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