Crypto Markets Recovery Stalled as Bitcoin (BTC) Falls Below $62,000 Again (Market Watch)

Bitcoin rebounded sharply yesterday and rose to $67,000, but the situation has once again turned bearish and the asset has plummeted today.

Most altcoins followed suit with massive price drops, led by SOL, TON, BCH and others.

The struggles with Bitcoin continue

It's safe to say that the last few days haven't been going quite like BTC. The cryptocurrency was above $70,000 on Friday morning, but fell sharply later in the day due to the Fed's recent announcements regarding its interest rate policy.

Bitcoin fell to $65,000 but managed to recover by around two grand on Saturday morning. However, the scenario repeated itself and reached an even more violent low after Iran launched a retaliatory attack against Israel on Saturday evening.

BTC fell to a multi-week low of around $61,000. On Sunday and especially on Monday, it recovered and jumped again to around $67,000.

However, just days before the halving, the bears appear to be in control and have started another downtrend today. This time, Bitcoin fell to just under $62,000. Although he has recovered more than a thousand since then. BTC is still down over 4% in the last 24 hours.

Its market cap has fallen by around $50 billion to $1.250 trillion and its dominance over alts stands at 51.5% on CG.

BTCUSD. Source: TradingView

Olds suffer more

As was the case over the weekend, the market correction hurt altcoins even more. Ethereum rose to $3,300 yesterday, but a 4% decline since then has brought it back down to $3,100. Binance Coin, Ripple, Dogecoin, Cardano, Tron and Polygon have recorded similar losses.

The biggest losers among the larger altcoins are SOL (-11%), TON (-10%), BCH (-12.5%), NEAR (-10%) and ICP (-8%).

Although most small and mid-cap alternatives are in a similar state, there is one obvious exception – OKB. OKX’s native token is up 6.5% and is close to $60.

The total crypto market cap erased yesterday's gains, falling by $100 billion to $2.430 trillion.

Overview of the cryptocurrency market. Source: QuantifyCrypto
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Cryptocurrency charts from TradingView.

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