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Shortly after the US Fed&#8217;s announcement about pausing the interest rate hikes, bitcoin took a sharp turn south and dropped to a multi-month low.
Most altcoins are in even worse shape, with ETH, XRP, ADA, DOT, LTC, AVAX, and many others dumping by 5-7%.
<h2 id="btc-slumps-below-25k">BTC Slumps Below $25K</h2>
Last week didn&#8217;t go all that well for BTC, despite its recovery on Tuesday following the lawsuits from the SEC against Binance and Coinbase. As the weekend approached, bitcoin dumped once again from $27,000 to under $26,000.
The weekend itself was somewhat more positive as BTC <a href="https://cryptopotato.com/bnb-recovers-5-btc-remains-calm-at-26k-after-cpi-announcement-market-watch/" data-wpel-link="internal">stood</a> at around $26,000. The first few days of the new week were similar, with the cryptocurrency trading at that level.
Then came the US FOMC meeting, in which Fed Chair Jerome Powell was expected to halt the monetary policy of increasing the key interest rates. This is what Powell indeed announced, but somewhat surprisingly, it had a negative effect on BTC&#8217;s price.
After <a href="https://cryptopotato.com/bitcoin-trades-flat-after-federal-reserve-pauses-rate-hikes/" data-wpel-link="internal">remaining relatively still</a> for the first few hours, BTC <a href="https://cryptopotato.com/bitcoin-drops-to-3-month-low-below-25000-where-to-next/" data-wpel-link="internal">nosedived</a> to under $25,000 for the first time since mid-March. Despite trying to bounce off shortly after, the asset still trades beneath that level.
Its market capitalization has plunged to $485 billion, while its dominance over the alts stands quietly at 47.5%.
<figure id="attachment_255378" aria-describedby="caption-attachment-255378" style="width: 1834px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSD-13.png" data-wpel-link="internal"><img class="size-full wp-image-255378" src="https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSD-13.png" alt="BTCUSD. Source: TradingView" width="1834" height="875" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSD-13.png 1834w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSD-13-300x143.png 300w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSD-13-1024x489.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSD-13-768x366.png 768w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSD-13-1536x733.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSD-13-50x24.png 50w" sizes="(max-width: 1834px) 100vw, 1834px" /></a><figcaption id="caption-attachment-255378" class="wp-caption-text">BTCUSD. Source: TradingView</figcaption></figure>
<h2 id="alts-dump-hard">Alts Dump Hard</h2>
The alternative coins followed BTC on the way south. Ethereum is among the poorest performers from the larger-cap alts, having dumped by over 6%. As a result, ETH is down to a multi-month low of its own at under $1,650.
Ripple, Cardano, Litecoin, Polkadot, Polygon, and Avalanche have all dumped by similar percentages. Binance Coin, Dogecoin, Tron, Solana, and Shiba Inu are also in the red, albeit in a less painful manner.
The mid- and lower-cap alts have suffered as well. Some of the most notable daily drops come from the likes of Lido DAO, Arbitrum HBAR, XLM, and TONCOIN.
Overall, the total crypto market cap has declined by $40 billion and is close to breaking below the coveted $1 trillion mark.
<figure id="attachment_255380" aria-describedby="caption-attachment-255380" style="width: 1881px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/Allcoins-9.jpg" data-wpel-link="internal"><img class="size-full wp-image-255380" src="https://cryptopotato.com/wp-content/uploads/2023/06/Allcoins-9.jpg" alt="Cryptocurrency Market Overview. Source: Quantify Crypto" width="1881" height="847" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/Allcoins-9.jpg 1881w, https://cryptopotato.com/wp-content/uploads/2023/06/Allcoins-9-300x135.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/Allcoins-9-1024x461.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/Allcoins-9-768x346.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/Allcoins-9-1536x692.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/Allcoins-9-50x23.jpg 50w" sizes="(max-width: 1881px) 100vw, 1881px" /></a><figcaption id="caption-attachment-255380" class="wp-caption-text">Cryptocurrency Market Overview. Source: Quantify Crypto</figcaption></figure>
The post <a href="https://cryptopotato.com/eth-xrp-ada-ltc-nosedive-6-as-crypto-markets-shed-40b-daily-market-watch/" rel="nofollow">ETH, XRP, ADA, LTC Nosedive 6% as Crypto Markets Shed $40B Daily (Market Watch)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

ETH, XRP, ADA, LTC Nosedive 6% as Crypto Markets Shed $40B Daily (Market Watch)

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