Bitcoin’s adverse price movements that started on Thursday continued in the past 24 hours, with the asset sliding to a new multi-week low of under $113,000.
With multiple altcoins in the red as well, including a new all-time low for Pi, it’s no wonder that the total crypto market cap has dumped by nearly $250 billion in a few days.
BTC Keeps Dropping
The primary cryptocurrency experienced a brief retracement at the end of the previous business week when it dipped from $119,000 to under $115,000 amid substantial sell-offs by Galaxy Digital on behalf of a client. However, once the sale was completed, BTC recovered most losses and even headed toward $120,000 after the weekend.
The bears were quick to intercept the move and didn’t allow another price jump. Bitcoin remained calm until Wednesday, when the latest FOMC meeting was scheduled to take place. Despite the positive US GDP data for Q2 and Trump’s continued pleas for rate reduction, Powell and company left them unchanged for a fifth consecutive time.
BTC reacted with an immediate price slip to under $116,000 but bounced off and challenged $119,000 on Thursday morning. However, more Trump-induced volatility followed amid new tariff developments and nuclear sub movements, and bitcoin plunged below $113,000 on Friday evening for the first time since July 10.
It has recovered around a grand since then, but it’s still 1% in the red daily and 3% down weekly. Its market cap is down to $2.260 trillion, while its dominance stands tall at 60%.
XRP Fares Well
Most larger-cap alts have followed BTC on the way south, with even bigger price declines. ETH has slipped below $3,500 after a 4% daily drop, SOL is below $165, while DOGE, HYPE, LINNK, BCH, and HBAR have retraced by around 3-4%.
Pi Network’s native token dumped to another all-time low earlier today, while ENA has plunged by 7%. There are a few exceptions from the larger-cap alts, including XRP and LTC, which are slightly in the green. TON has risen by over 3.5% to almost $3.6.
The total crypto market cap has dumped to $3.750 trillion on CG. This means that the metric has lost roughly $250 billion since Thursday’s peak.
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