The price of Bitcoin surged to over $65,000, hitting a two-week peak after recovering from the July 5 crash. The cryptocurrency ended the volatile business week on a positive note, standing around $58,000. The weekend was expected to be less volatile until news of an attempted assassination against pro-crypto US presidential candidate, Donald Trump, caused massive fluctuations in the market. Bitcoin surged to $60,000 for the first time in over a week, and by Monday, it reached $63,000. Finally, early Tuesday morning saw another surge that pushed Bitcoin to $65,000.
However, the positive trend was short-lived as news broke about Mt. Gox moving billions in Bitcoin. This caused a rapid decline in the market, with Bitcoin dropping by over two and a half thousand dollars to $62,500. The market cap of Bitcoin slipped to $1.234 trillion, and its dominance over altcoins decreased to 51.2%. Larger-cap altcoins such as ETH, SOL, BNB, TON, ADA, TRX, AVAX, and DOT also turned red after days of gains, with Polkadot’s native token experiencing a drop of almost 5%.
While most altcoins experienced losses, meme coins like PEPE saw significant gains of 16% in the past 24 hours, reaching above $0.000013. Other altcoins like OM, WIF, and FLOKI also charted double-digit increases of 14% and 13% respectively. The total crypto market cap remains above $2.4 trillion, despite a $50 billion decrease since the previous peak.
The volatility in the cryptocurrency market remains high, with external factors such as news about Mt. Gox impacting the prices of Bitcoin and altcoins significantly. Investors should remain cautious and be prepared for sudden fluctuations in the market as it continues to react to new developments.