Pi Network’s PI token led the losses over the past 24 hours, with other major decliners including M, AAVE, WLD, and PUMP.
Bitcoin’s failure to hold above $78,400 continues to weigh on the market, as the asset has now slipped toward $75,000 following renewed tensions in the Middle East conflict.
The broader altcoin market has followed Bitcoin’s lead, contributing to a wipeout of დაახლოებით $100 billion in total crypto market value since Friday’s peak.
Bitcoin Slides Toward $75K
Last weekend, Bitcoin fell from $73,600 to below $70,500 after initial peace talks between the United States and Iran broke down. However, momentum quickly shifted, and by Tuesday evening the asset surged past $76,000 amid reports of progress toward a more lasting agreement.
Bitcoin then traded within a narrow range between $73,200 and $75,500 for several days before bulls pushed prices sharply higher to $78,400 on Friday, marking a 10 week high. The rally followed news that Iran had reopened the Strait of Hormuz.
Former US President Donald Trump later expressed appreciation and made claims suggesting the US held an advantage in negotiations. Iran rejected those claims and reportedly closed the Strait again on Saturday. This triggered a market rejection and a fresh correction. Bitcoin now trades more than $3,000 below its recent peak, with further volatility likely as traditional financial markets reopen.
Bitcoin’s market capitalization has dropped toward $1.5 trillion, while its dominance over altcoins has risen to 57.5 percent.
Altcoins Turn Negative
Altcoins have largely mirrored Bitcoin’s downturn, with widespread losses across the board.
Ethereum has fallen about 3.5 percent to around $2,300. XRP has slipped below the $1.43 level, and BNB has declined to $620 after similar losses.
Other cryptocurrencies including SOL, HYPE, ADA, DOGE, LINK, CC, ZEC, and AVAX are also trading in negative territory.
AAVE recorded the steepest drop among the top 100 altcoins after the KelpDAO hack, plunging more than 20 percent to around $92. M has fallen 18 percent to $3.50, followed by declines in PUMP and WLD.
Pi Network’s native token faced rejection at $0.185 and has since dropped below $0.175 after losing more than 8 percent.
Overall, the total cryptocurrency market capitalization has declined by about $100 billion since Friday and now stands at approximately $2.62 trillion.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
