$150 Billion Gone From Crypto Markets as Bitcoin (BTC) Dips Below $63K: Market Watch

Bitcoin’s price continues its underwhelming performance, dropping to another multi-week low of under $63,000 earlier today.

The altcoins are bleeding out as well, with another day of multiple losses of more than 3%. Some, such as BCH, have dumped by over 10%.

BTC Slides Again

BTC was rejected at over $70,000 at the beginning of the previous business week, and its bounce-off attempt was halted in its tracks. The following few days were less volatile, as the cryptocurrency remained sideways between $67,000 and $68,500. It slipped to $65,600 on Thursday, but quickly rebounded and stood close to $69,000 during the weekend.

Despite the most recent developments on the tariff front, which included a new global taxation after the US Supreme Court ruled against Trump, BTC remained relatively stable at first. However, it nosedived once the legacy futures markets opened late on Sunday.

In just over an hour, it dumped from $67,700 to $64,400, leaving millions in liquidations. It bounced off to $66,500 mid-day, but the bears resumed control of the market and drove it south hard once again. Earlier today, the asset dipped below $63,000 for the first time since the February 6 crash, when it plunged to $60,000.

It trades inches above that line now, with its market cap dumping to $1.260 trillion. Its dominance over the alts has also been hit hard and is below 56% on CG now.

BTCUSD Feb 24. Source: TradingView

Alts Tumble

Ethereum continues to lose value rapidly as well, dumping by 5% daily to just over $1,800. XRP is down by 4.5% and struggles to remain above $1.30. BNB, SOL, and TRX have marked similar losses, while DOGE, ADA, and HYPE have plunged by over 5%.

Bitcoin Cash has dropped the most from the larger caps. The asset has shed over 11% of value and now sits below $485. ZEC, RAIN, UNI, SUI, WLFI, and many others are deep in the red as well.

In contrast, PIPPIN continues to chart gains, surging to a new all-time high of $0.80 after another 11.5% daily jump.

The total crypto market cap, though, has lost more than $150 billion since Sunday and is down to $2.260 trillion on CG.

Cryptocurrency Market Overview Feb 24. Source: QuantifyCrypto

The post $150 Billion Gone From Crypto Markets as Bitcoin (BTC) Dips Below $63K: Market Watch appeared first on CryptoPotato.