Bitcoin did not react well to the latest PCE data coming out of the US and fell by almost a large to a ten-day low.
Altcoins are also deep in the red, with the most significant losses coming from MATIC, DOT, UNI and others.
Bitcoin fell to $23k
The end of last week went much better than that, as BTC soared by double digits to hit a six-month high above $25,000. He couldn’t decisively cross that line at first, but he kept trying. However, all three attempts met with swift rejections.
The latest, which came in the middle of the week, pushed the cryptocurrency south to $23,500. The bulls tried to stem the move and drove bitcoin back to over $24,000 hours later. The asset appeared to have calmed down around that level, but the landscape changed when the US reported that the PCE inflation measure had risen 0.6% in January.
Bitcoin reacted with a sharp drop in price, which took it from $24,000 to just below $23,000. Thus, the asset hit its lowest price in ten days.
It’s trading just inches above $23,000 as of now, but its market cap is struggling below $450 billion. His dominance over alts is rather stagnant at 42.1% in CMC.
Altcoins See Red
As is usually the case when there is heightened volatility with bitcoin, altcoins feel it even more acutely.
Ethereum is down 3% on the day and is struggling to stay above $1,600. Binance Coin has fallen by a similar percentage and is at $300. Cardano, Ripple, OKB, Dogecoin, Solana, Shiba Inu and Litecoin are also in the red, losing up to 5% in a day.
Those down more than 5% now are Polygon, Polkadot, Avalanche, Uniswap, Chainlink, Filecoin and more.
Therefore, it is no surprise that the cumulative market cap of all crypto assets has fallen to $1.060 trillion after losing $40 billion in one day.
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Cryptocurrency charts from TradingView.