Significant Decline in Bitcoin and Liquidation of $80 billion
The prices of cryptocurrencies fell sharply, as the crypto market lost approximately $80 billion in value in a matter of hours.
This decline came as the price of Bitcoin fell to less than $69,000 over the end of the week.
Bitcoin price decline:
Last week, Bitcoin tried but failed to break the $69,000 mark, causing its value to fall by more than $2,000.
The currency then stabilized over the weekend at about $67,500.
The start of the week saw a notable rise, as Bitcoin briefly crossed the $70,000 mark on Monday, and continued this rise to reach $72,000 on Friday, marking its highest level in several weeks.
But once again, Bitcoin encountered resistance at the $72,000 level and fell to multi-day lows at $68,500, before settling back above $69,000, reflecting a 2.7% decline on the day.
Bitcoin's market cap has fallen to $1.366 trillion, but its market dominance has risen to 50.8% at the expense of altcoins.
Altcoins are experiencing significant losses:
Altcoins have seen a sharper decline compared to Bitcoin.
Ethereum fell by 3.5%, bringing its value to less than $3,700.
The price of BNB also fell from more than $710 to less than $690, while SOL recorded a loss of approximately 6%.
In total, the total market cap of all crypto assets has lost more than $80 billion since yesterday's peak, bringing the total value down to less than $2.7 trillion on CoinGecko.
