Bitcoin price was aiming for a new local high of just over $61,000 but was stopped and fell more than $2,000.
Most large-cap altcoins are also in the red today, with SOL and TON down more than 3%.
BTC below $60K again
Last Friday, US Federal Reserve Chairman Jerome Powell said it was time for the central bank to follow its European, Canadian and British counterparts and start cutting interest rates. That, coupled with RFK’s exit from the US presidential race and his support for Trump, sent Bitcoin soaring from around $60,000 to just over $64,000 on Saturday.
After a relatively sluggish weekend, the cryptocurrency also went on the offensive on Monday, reaching a 3-week peak of just over $65,100. However, it failed to extend its gains, and fell to $63,000 on Tuesday.
That’s when the bears stepped on the gas and pushed BTC hard south. Within a few hours, the asset fell to $58,100, and then to a multi-week low of $57,900 (on Bitstamp).
On Thursday, Bitcoin regained some traction and jumped to $61,200. However, this rise was also short-lived, and BTC fell to $58,800. Despite some recovery now, it is still well below $60,000. Its market cap is struggling to stay below $1.175 trillion, while its dominance over alts reaches 53.8% on CG.
FLOKI drops hard
Most larger-cap altcoins are in the red today. This includes a 1% drop for ETH, BNB, and AVAX, while XRP is down 1.6%. Even more painful declines are evident for SOL (-4%) and TON (-3%). In contrast, TRX, DOGE, and DOT have shown minor gains.
However, the biggest loser of the top 100 altcoins is FLOKI. The meme coin has fallen almost 20% in the last day to $0.0001275.
The combined market cap of all crypto assets has lost about $20 billion since yesterday, dropping to $2.180 trillion on CG.
