Crypto Markets Shed $120 Billion Overnight as Bitcoin Plunges by $4K: Market Watch

Bitcoin starts November on the same foot as it ended October, with another price slide that drove it to just under $107,000 earlier today. The altcoins have followed suit, with notable price drops from the likes of BNB, SOL, DOGE, LINK, ADA, and many others. BTC Slides to $107K The previous business week was quite eventful and volatile for the cryptocurrency markets, prompted by external developments. For instance, BTC jumped to $116,000 on a couple of occasions on Monday and Tuesday, only to be stopped and rejected at its second attempt. The subsequent denial led to an immediate decline to $112,000 when otherwise bullish news came from the US Federal Reserve. Despite the rate cut by 25 bps, BTC headed south again, dropping below $106,000 on Thursday. The US-China deal on the trade war front brought another relief rally when bitcoin jumped past $111,000. However, it couldn’t maintain its run and was stopped over the weekend at that level again. Monday began on a negative note when the bears took control of the market and pushed the cryptocurrency south to just under $107,000. So far, this support has managed to hold BTC, but the asset is still nearly 3% down on the day. Its market cap has tumbled below $2.150 trillion, while its dominance over the alts has actually increased to 58.3% on CG. BTCUSD. Source: Tradingiew Alts Bleed Out The altcoin charts are even worse today. Ethereum is down to $3,700 after a 3.8% decline. XRP has slumped to $2.40 following a 4.5% daily correction. Even more painful declines are evident from BNB, SOL, DOGE, ADA, LINK, SUI, HBAR, AVAX, and many others, with losses of up to 7%-8%. Most mid- and lower-cap alts are in a similar state, but there are a few exceptions. ICP has risen by over 8% daily, followed by WBT and ASTER. Overall, though, the total crypto market cap has seen over $120 billion gone since yesterday, and the metric is down to $3.680 trillion on CG. Cryptocurrency Market Overview Daily. Source: QuantifyCrypto The post Crypto Markets Shed $120 Billion Overnight as Bitcoin Plunges by $4K: Market Watch appeared first on CryptoPotato.