Crypto Markets Lost $300B in Days as Bitcoin (BTC) Slumped Below $62K: Weekend Watch
Cryptocurrency markets have erased over $300 billion in value in recent days, with Bitcoin crashing below $62,000 for the first time since mid-August.
Bitcoin's price action has been particularly brutal, plummeting from a local peak of $81,000 on November 4 to a low of $62,000 on Saturday. The cryptocurrency has since recovered slightly but remains well below the $65,000 mark.
The decline was fueled by a failed rebound attempt after a drop to $73,500 on Monday morning. A subsequent attempt to recover was halted at $74,800 on Thursday, leading to a prolonged sell-off.
The catalyst for the latest leg down was the release of hotter-than-expected US CPI data on Tuesday, which triggered a drop below $73,000. Bitcoin then lost the critical $70,000 support level, with a mid-day dip below $68,000 followed by a rejection at $70,000.
The pain continued on Saturday with consecutive price declines, culminating in the plunge to $62,000. Bitcoin's market cap has fallen to $1.3 trillion, and its dominance over other cryptocurrencies has dropped by 1% to 59.3%.
Altcoins Follow the Slide
The altcoin market has been battered even harder, with major assets posting losses of up to 8%. Ethereum has fallen to $1,800, while XRP has dropped to $0.90, struggling to hold above the $1.00 mark.
Solana, HYPE, XMR, DOGE, LINK, and Cardano have all experienced significant declines. Avalanche has lost more than 11.5%, and the PUMP token has plunged by nearly 15%.
The cumulative market capitalization of the cryptocurrency sector has erased over $300 billion since Thursday, bringing the total market cap down to well under $2.2 trillion.
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