The recent economic uncertainty in the US has had a significant impact on the cryptocurrency market, particularly on Bitcoin. In the past day or so, Bitcoin’s price has plummeted to $60,500, marking its lowest point in almost three weeks. This downward trend was exacerbated by the weak job report in the US, which indicated a high unemployment rate and sparked fear among investors. As a result, millions of dollars were withdrawn from spot Bitcoin ETFs, causing further decline in Bitcoin’s price.
The altcoin market has also taken a hit, with popular cryptocurrencies like Ethereum, BNB, Solana, Toncoin, and Uniswap experiencing significant losses. Ethereum, for example, has slipped below $3,000, losing 5% of its value in a single day. BNB is trading below $550 after a similar daily loss. Other altcoins like Solana, Toncoin, and Uniswap have also seen steep declines, further contributing to the overall bearish sentiment in the market.
The cumulative market cap of all crypto assets has also suffered a substantial decrease, dropping to $2.3 trillion. This represents a $100 billion decrease since yesterday and a $150 billion decrease in the past two days. The decline in market cap highlights the overall uncertainty and volatility in the cryptocurrency market, as investors react to the economic conditions in the US and around the world.
Despite the recent downturn, Bitcoin has managed to recover some ground and is currently trading close to $62,000. While the market remains volatile, this recovery demonstrates the resilience of cryptocurrencies in the face of external economic factors. It is important for investors to remain vigilant and stay informed about market developments in order to make informed decisions about their cryptocurrency holdings.
The recent economic uncertainty in the US has had a notable impact on cryptocurrency prices, with Bitcoin and altcoins experiencing significant losses. The market remains volatile, but the recovery of Bitcoin and the resilience of the overall cryptocurrency market point to the continued growth and potential of digital assets in the long term.