Bitcoin’s rally past $94,000 was short-lived as the asset dumped just as quickly and slumped below $84,000, thus erasing all the gains from Sunday’s surge.
The altcoins have suffered even more, with the likes of SOL, DOGE, ADA, LINK, and many others posting double-digit price declines over the past 24 hours.
BTC Rejected Violently
Probably very few people might have expected the massive volatility bitcoin and the entire crypto market will have to go through once Donald Trump took office. Let’s leave the months heading to his inauguration aside and even the crash from last week, which was mostly blamed on his tariffs and other geopolitical decisions.
Let’s focus only on the events that transpired in the past 48 hours or so. Recall that on Sunday afternoon, the US president confirmed plans that his administration will work on a crypto reserve. This resulted in immediate price surges from most digital assets, especially those that he namedropped.
A day later, BTC’s price had peaked at $95,000 as it had added ten grand in 12 hours. However, that’s where the rejection came in, as Trump’s tariffs were right around the corner (starting today). Bitcoin was quickly pushed down from the $95,000 level to under $90,000. It kept losing value as Trump paused the military funding to Ukraine.
The culmination came hours ago when BTC dumped to $82,500. Although it has recovered over a grand since then, it’s still nearly 10% down on the day. Its market cap has slumped to $1.660 trillion, while its dominance over the alts is close to 58% on CG.
Alts Bleed Out
The entire field is covered with red today, as many altcoins have posted losses of over 10%. Ethereum is down to $2,100 after an 11.5% drop, XRP has slumped to $2.35 after losing 12% in a day, and SOL has dumped beneath $140 after a 16% decline.
Similar or even more painful decreases come from DOGE, ADA, LINK, LTC, AVAX, SUI, XLM, SHIB, and many, many others.
The total crypto market cap erased all the gains from the Sunday pump and is down by over $300 billion to under $2.9 trillion on CG.
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