Bitcoin’s recovery from last week has been almost entirely erased as the asset dipped below $91,000 earlier today after the latest developments on the EU-US trade war front and the situation with Greenland.
At a Glance
- Bitcoin plunged to $90,900 Tuesday morning, erasing last week’s $8,000 surge
- Altcoins hemorrhaged with ICP down 13% and XMR off 9% in 24 hours
- Total crypto market cap shed another $80 billion, falling to $3.16 trillion
- Why it matters: Futures and Asian-market volatility intensified as US-EU trade rhetoric escalated, forcing leveraged positions to liquidate
The alternative coins are deep in the red again, with ETH sliding beneath $3,100 and XRP decisively losing the $2.00 support.
BTC Sees Weekly Lows
Recall that the primary cryptocurrency went on the offensive last week. It gained $8,000 in the span of just a few days and reached a multi-week high of $98,000 on Wednesday evening. When the bulls began preparing for a charge toward $100,000, the landscape shifted, and BTC slipped by a few grand in the following days.
It spent the weekend trading quietly around $95,000, but volatility was expected on Monday morning as futures and Asian markets opened following the latest shots fired between the US and the EU. Those fluctuations indeed transpired and drove BTC south from $95,500 to under $92,000.
The asset recovered some ground mid-day but dropped once again on Tuesday morning, this time to a weekly low of under $91,000. It currently struggles around that level, as its market cap has slipped below $1.820 trillion. Its dominance over the alts stands tall at 57.5% on CG.
Alts Again in Red
The alternative coins are deep in the red for a second consecutive day. Ethereum traded above $3,300 on Sunday evening, but after the latest correction, finds itself struggling at $3,100. Ripple’s native token trades well below $2.00 after another 2.6% decline.
- BNB is down to $915
- SOL is below $130
- XMR has plunged by over 9% to $580
Even a more painful decline comes from ICP, which has dumped by 13% to $3.7. In contrast, CC has gained more than 9% and now trades above $0.12.
The total crypto market cap has shed another $80 billion and is down to $3.160 trillion on CG.
Key Takeaways
- Bitcoin’s brief rally to $98,000 was fully reversed by geopolitical uncertainty
- Altcoins are feeling the pain, with double-digit losses for ICP and steep drops across major caps
- Market-wide selling erased $80 billion in value in a single day
