Bitcoin experienced a downturn over the weekend when traditional futures markets re-opened, dropping below $64,500, marking a significant decline not seen for 17 days. After peaking around $70,000 earlier, Bitcoin faced a correction that saw it drop back to around $64,300 before recovering slightly above $66,000, though its market capitalization has now decreased to approximately $1.325 trillion.

Bitcoin Falls Below $64.5K

In the previous week, Bitcoin reached notable heights, but began to falter after some negative market news, including a new 10% global tariff imposed by President Trump after a ruling from the US Supreme Court. This led to Bitcoin facing severe selling pressure, resulting in a significant drop and liquidations for many traders.

Others Follow Suit

In the wake of Bitcoin’s drop, several altcoins also took hits. Ethereum slipped from $2,000 to under $1,900, while other cryptocurrencies like XRP, BNB, and LINK also posted losses. However, Pippin has remained an outlier with a commendable rise of over 23%, showcasing resilience against the broader market decline.

Recent Crypto Market Insights

The total market capitalization of cryptocurrencies has fallen by over $60 billion, settling at approximately $2.350 trillion.

BTCUSD
BTCUSD Feb 23. Source: TradingView

Market Overview
Cryptocurrency Market Overview Feb 23. Source: QuantifyCrypto