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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-significant-price-drop-2/" data-wpel-link="internal">Bitcoin Faces Significant Price Drop</a><br></p>
<p class="p1" style="text-align: justify">The entire <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> faced selling pressure on a daily and weekly scale. Bitcoin’s notable price situation worsened in the last few hours, with the asset falling below $60,000 for the first time in several weeks. Altcoin projects reacted worse to this weekend’s crash, with Ethereum falling below $2,900 and SOL, DOGE, and BCH dropping by 6-7%.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-with-bitcoin">What’s Happening with Bitcoin?</h2> 
<p class="p1" style="text-align: justify">Although last weekend was also quite volatile, the scenario was completely different. During this period, Bitcoin gained upward momentum amid Donald Trump’s conference participation and pro-crypto speeches. However, the asset mostly moved upwards and reached $70,000 on July 29, a level not seen in nearly seven weeks.</p> 
<p class="p1" style="text-align: justify">However, the situation changed later that day when Bitcoin dropped by $4,000. After a calm period around $66,000, the bears regained control, especially on August 2. Within a few hours, following <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">the news</a> that the unemployment rate in the US had reached its highest levels since 2021, Bitcoin sharply fell from $66,000 to $62,200.</p> 
<p class="p1" style="text-align: justify">Bitcoin, along with other risky assets like US stocks, fell sharply. However, in Bitcoin’s case, the pullback continued throughout the weekend as it never stopped trading. This resulted in a price drop to just below $60,000 earlier today, marking Bitcoin’s lowest price tag in three weeks.</p> 
<p class="p1" style="text-align: justify">Despite a slight recovery since then, with Bitcoin currently sitting just above this level, it is still down 2% on the day and more than 10% since last Sunday. Its market cap fell below $1.2 trillion, but its dominance over altcoins rose to 53.2% on CoinGecko.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376884 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-1.webp" alt="" width="1532" height="684"></p> 
<h2 class="p1" style="text-align: justify" id="current-state-of-altcoins">Current State of Altcoins</h2> 
<p class="p1" style="text-align: justify">The increasing Bitcoin dominance during its pullback only means one thing: altcoins are in a worse state. Among the biggest losers from larger-cap projects are SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%).</p> 
<p class="p1" style="text-align: justify">Ethereum and BNB fell by 3% to $2,890 and $523, respectively. XRP, TON, ADA, LINK, UNI, and LTC are also in the red, albeit less painfully. The total <a href="https://en.coin-turk.com/mexc-responds-to-speculations-regarding-deleted-mexc_ceo-account/" data-wpel-link="internal">crypto market</a> cap lost another $70 billion since yesterday, dropping to $2.230 trillion on CoinGecko. The metric has fallen by more than $300 billion in the last few days.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376883 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/crypto-1.webp" alt="" width="1531" height="673"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-significant-price-drop-2/" data-wpel-link="internal">Bitcoin Faces Significant Price Drop</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-faces-significant-price-drop-2/" data-wpel-link="internal">Bitcoin Faces Significant Price Drop</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Faces Significant Price Drop

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