Perhaps driven by the escalating tension in the Middle East, bitcoin’s price was rejected at $64,000 and tumbled to just under $61,000 in the past 12 hours or so.
The altcoins have taken an even bigger beating, with XRP, SOL, and ADA dumping by over 5%. ZEC and HYPE have marked even more profound declines.
BTC Drops Again
The previous business week brought some intense volatility and painful declines for the primary cryptocurrency. BTC entered it at $73,000 but quickly began losing key support levels, and the culmination took place on Friday.
After dumping below $70,000, $65,000, and $62,000, the cryptocurrency knocked on the $60,000 door for the first time since early February. However, unlike that crash, the bears were more persistent this time and pushed the asset below that level to mark a 19-month low at $59,100.
Nevertheless, bitcoin managed to rebound swiftly and reclaimed that level by the end of the day. It jumped to $61,000 and $62,000 over the weekend and spiked to $64,000 twice at the start of the current business week. However, reports emerged that Iran had taken down a US helicopter, and the latter’s president said they had to respond.
This growing geopolitical tension resulted in immediate price declines in the crypto markets (also on Wall Street), and BTC quickly dumped to just under $61,000. It now fights to reclaim that level, as its market cap has slipped to $1.225 trillion, and its dominance over the alts is down to 56%.
BTCUSD June 10. Source TradingView
Alts Bleed Again
Most altcoins have followed suit on the way down. Ethereum has dropped by over 3% toward $1,600, BNB has dumped to $585 after a similar decline, while DOGE is down to $0.084. XRP has dropped by over 5%, and it tests a key support level again. SOL is well below $65, while ADA keeps dropping to $0.16.
HYPE and ZEC have lost the most value over the past 24 hours, dumping by double digits. Consequently, the former trades at $56, while the latter is down to $425. Even more painful declines are evident from SIREN (-37%), LAB (-16%), and DEXE (-15%). In contrast, BEAT has risen by 28%, followed by WBT (13%) and STABLE (12%).
The total crypto market cap has erased over $60 billion in a day and is below $2.2 trillion on CG now.
Cryptocurrency Market Overview June 10. Source: QuantifyCrypto
