Cryptocurrency

bullish

Bitcoin

Billion

Uptober has failed to prove the bulls right, at least for now, as bitcoin has dropped hard and even slipped to $60,000 yesterday. 
The altcoins are also in a freefall state, with numerous price drops of 5-6% from the likes of ETH, SOL, LINK, AVAX, and others. 
<h2 id="will-bitcoin-lose-60k">Will Bitcoin Lose $60K?</h2> 
It was just several days ago, on Sunday when the primary cryptocurrency stood tall at over $66,000 after a strong week in which it gained about 10%. However, the bears were quick to remind of their presence and began pushing the asset south hard in the following days. 
After dropping to $63,000 on Monday and $60,200 on Tuesday, BTC <a href="https://cryptopotato.com/bitcoin-plummets-to-60k-but-these-altcoins-crashed-harder-market-watch/" data-wpel-link="internal">slipped</a> to just under $60,000 (on Bitstamp) yesterday. The bulls managed to defend that level at first, but the asset jumped to over $62,000 midday. 
However, it was stopped there and driven south once again, currently sitting at $60,500. This has propelled many industry analysts to <a href="https://cryptopotato.com/uptober-postponed-analyst-weighs-in-on-when-will-bitcoin-reclaim-its-all-time-high/" data-wpel-link="internal">question</a> whether October will be as bullish as history suggests. 
BTC’s current price tag means that its market capitalization has plummeted to just under $1.2 trillion after sitting above $1.3 trillion days ago. The silver lining is that its dominance over the alts has soared to 54.5%, as most of them have suffered even more. 
<figure id="attachment_364076" aria-describedby="caption-attachment-364076" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD-2.png" data-wpel-link="internal"><img class="size-full wp-image-364076" src="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD-2.png" alt="Bitcoin/Price/Chart 03.10.2024. Source: TradingView" width="3030" height="1478" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD-2.png 3030w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD-2-300x146.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD-2-1024x499.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD-2-768x375.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD-2-1536x749.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD-2-2048x999.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD-2-50x24.png 50w" sizes="(max-width: 3030px) 100vw, 3030px"></a>
 <figcaption id="caption-attachment-364076" class="wp-caption-text">
 Bitcoin/Price/Chart 03.10.2024. Source: TradingView
 </figcaption>
</figure> 
<h2 id="xrp-falls-hard">XRP Falls Hard</h2> 
Perhaps the biggest news in the industry yesterday was the SEC’s rather unexpected decision to <a href="https://cryptopotato.com/xrp-price-crashes-12-as-sec-appeals-in-the-ripple-lawsuit/" data-wpel-link="internal">appeal</a> a court decision in its lawsuit against Ripple. The move had a dramatic and immediate impact on XRP’s price, which tumbled by double digits. Currently, the asset is down by 14% and struggles to remain above $0.51. 
Many other larger-cap alts have suffered as well, as mentioned above. Ethereum has dumped by 5% to under $2,350, SOL is below $140 after a 5.5% daily drop, while AVAX and LINK have slumped by 7% and 6%, respectively. 
Major price crashes come from the likes of ENA (-20%), BEAM (-19%), WIF (-16%), and BONK (-15%). 
The total crypto market cap has dumped to $2.2 trillion on CG, which means that it has lost roughly $150 billion since October’s start. 
<figure id="attachment_364078" aria-describedby="caption-attachment-364078" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-03-112441.png" data-wpel-link="internal"><img class="size-full wp-image-364078" src="https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-03-112441.png" alt="Cryptocurrency Market Overview. Source: QuantifyCrypto" width="3126" height="1490" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-03-112441.png 3126w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-03-112441-300x143.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-03-112441-1024x488.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-03-112441-768x366.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-03-112441-1536x732.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-03-112441-2048x976.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-03-112441-50x24.png 50w" sizes="(max-width: 3126px) 100vw, 3126px"></a>
 <figcaption id="caption-attachment-364078" class="wp-caption-text">
 Cryptocurrency Market Overview. Source: QuantifyCrypto
 </figcaption>
</figure> 
The post <a href="https://cryptopotato.com/crypto-markets-bleed-150-billion-in-2-days-as-bitcoin-btc-slumps-toward-60k-market-watch/" rel="nofollow">Crypto Markets Bleed $150 Billion in 2 Days as Bitcoin (BTC) Slumps Toward $60K (Market Watch)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Crypto Markets Bleed $150 Billion in 2 Days as Bitcoin (BTC) Slumps Toward $60K (Market Watch)

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