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Crypto Markets Shed $80 Billion as Bitcoin Crashes Below $30K (Market Watch)

7 Jun, 20222 min readBitcoin
Crypto Markets Shed $80 Billion as Bitcoin Crashes Below $30K (Market Watch)

Bitcoin’s attempt to decisively overcome the $30,000 level failed once more, and the asset dumped hard in a matter of hours. The alternative coins went through similar dumps, with SOL, AVAX, and BNB leading the adverse trend.

Bitcoin’s Latest Rejection

At the end of last month, bitcoin soared to a multi-week high above $32,000 after breaking above $30,000. It failed at that point and quickly dumped to $29,000 a day later.

Following a few days of sideways trading, in which the cryptocurrency remained mostly around and beneath the $30,000 mark, the asset went on the offensive again yesterday.

This time, the bulls drove it north to just under $32,000. While the community was preparing for another leg up, a similar scenario followed as bitcoin dumped hard by almost $3,000 in hours. This resulted in a large number of liquidations and a drop to $29,000.

As of now, BTC has reclaimed some ground but still trades below $30,000. Consequently, its market capitalization has dropped to $565 billion, but its dominance over the altcoins stands still above 46%.

Alts’ Downfall

The altcoins jumped high yesterday, only to be halted as of now. Ethereum was among the most substantial price gainers as it touched $1,900. Now, though, the second-largest crypto struggles below $1,800 following a 7% daily decline.

BNB, among the latest speculations about an SEC investigation, has dumped by 9% to well below $300. Similar price drops are evident from Cardano, Polkadot, Solana, and Avalanche.

Although with more modest drops, Ripple, Dogecoin, and Tron are also in the red from the larger-cap alts. Even more losses are evident from ICP, Convex Finance, Aave, THORChain, Neo, Chiliz, The Graph, and many others.

Ultimately, the crypto market cap has dropped by almost $100 billion in a day to around $1.2 trillion.

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