Crypto Markets Shed $70 Billion Overnight as Bitcoin Fell to 6-Week Lows (Market Watch)

The relatively quiet weekend ended with BTC struggling to remain above $64,000, but Monday started with a massive price dump to a 6-week low of $62,000.

The altcoins have also turned red, with SOL, SHIB, UNI, BCH, and many others dropping by over 5% daily.

BTC Falls to $62K

Last week didn’t go well for the primary cryptocurrency as the ETF outflows skyrocketed. The underlying asset went from a weekly peak of over $67,000 to a multi-week low of $63,500 on Friday. Compared to the previous week, the losses were even more violent as BTC had tapped $70,000 on a few occasions back then.

The weekend was expectedly less volatile. The cryptocurrency spent it above $64,000 after regaining some traction on Friday evening. However, Monday began with the bears in control, as reported earlier.

In a matter of hours, the largest digital asset plummeted by nearly $3,000 and fell to $62,100 for the first time since May 15. Despite bouncing off and recovering about $700 since then, bitcoin is still 2.3% down on the day. Moreover, BTC now trades 5% lower than it did this time last week.

Its market capitalization has plummeted by $1.240 trillion, but the silver lining comes from the increasing dominance, which is up to 51.6%.

Red Among Alts

As it typically happens when BTC heads south violently, so do most altcoins. Ethereum has dumped below $3,340 after a 3% daily drop. BNB is down by 3% as well to $575. Similar losses come from DOGE, TON, ADA, AVAX, and LINK.

Even more painful declines come from SOL, SHIB, UNI, and BCH from the larger-cap alts, which have seen about 6-8% drops. The meme coin industry is in an even worse state, with several double-digit drops from the likes of PEPE, FLOKI, BRETT, and others.

The cumulative market cap of all crypto assets is down by $70 billion since yesterday to just under $2.4 trillion on CG.