Major Cryptocurrency Declines: Bitcoin Drops to $106K Amid Market Turmoil
This week's significant drop in Bitcoin's value has led to a broader decline across the cryptocurrency market, with many altcoins struggling.
Bitcoin’s price recovery since Friday was halted at just above $107,000, with a subsequent decline back to $106,000.
While many altcoins have not shown significant movement recently, their performance over the week indicates a notable downturn.
Bitcoin Returns to $106K
The primary cryptocurrency’s value plummeted from over $121,000 to $110,000 on certain exchanges, while some reached as low as $101,000. This sharp decline was initially triggered by statements from US President Trump regarding China, which contributed to an over-leveraged market correction.
Despite a swift recovery over the weekend, Bitcoin faced strong resistance and fell back to nearly $110,000 before plunging further to just above $104,000 due to bearish market activities.
After some positive news regarding trade tariffs, Bitcoin regained momentum temporarily, reaching $107,000 but has since retracted to $106,000. The overall market cap now stands at $2.120 trillion, with Bitcoin’s dominance at just over 57%.
Market Overview
While many cryptocurrencies remain stagnant, altcoins like BNB, BCH, and XRP have seen declines ranging from 8-12%. Conversely, assets such as ETH, SOL, and TRX are showing minor gains amid the turmoil.
Total Market Impact
The total crypto market cap is estimated at $3.7 trillion, reflecting a loss of approximately $500 billion in the past week.
BTCUSD
Source: TradingView
Cryptocurrency Market Overview Weekly
