The cryptocurrency market has come under renewed selling pressure after escalating geopolitical tensions halted Bitcoin’s latest recovery attempt. While most major digital assets traded lower, Pi Network sank to a fresh all time low. Among the few bright spots, M posted strong double digit gains, while LAB suffered the steepest decline of the day, losing more than 80% of its value.
Bitcoin Falls Below $62,000 Again
Bitcoin has experienced sharp price swings since the start of July. The leading cryptocurrency dropped below $58,000 on July 1, marking its lowest level in nearly two years, before staging a steady recovery that carried it above $63,000 over the weekend.
Momentum continued early in the week as Bitcoin briefly climbed above $64,000 for the first time in two weeks. However, sentiment quickly deteriorated after Strategy’s large Bitcoin sale sparked renewed fear across the market, sending the asset down to around $61,200.
Despite expectations of further losses, Bitcoin quickly rebounded and surged past $64,600 within hours. The rally proved short lived, with prices retreating to approximately $62,600 before another recovery attempt pushed the asset back toward $64,200.
That advance was cut short after renewed military exchanges between the United States and Iran intensified market uncertainty. Selling pressure accelerated after US President Donald Trump declared that the memorandum of understanding with Iran was effectively over, driving Bitcoin below $62,000 for the second time this week.
Bitcoin’s market capitalization has slipped to roughly $1.24 trillion, while its share of the total cryptocurrency market stands at 56.6%.
Pi Network Extends Decline While LAB Collapses
Pi Network’s native token remains one of the weakest performers in the current market cycle, extending its prolonged decline despite recent updates from the project’s development team.
PI fell more than 8% over the past 24 hours, dropping to approximately $0.101 and setting a new all time low. The token has now lost more than 96.5% of its value since reaching its record high in February 2025.
LAB recorded the largest daily decline across the market, plunging by more than 80% and falling below $2.30. Other notable losers included PUMP, BEAT, and JUMP, all of which posted double digit losses.
Among the major cryptocurrencies, Ethereum and BNB each declined by more than 2%, while XRP, Solana, Hyperliquid, and Dogecoin fell between 4% and 5%. Stellar, Near Protocol, Cardano, and Core also recorded losses exceeding 5%.
One of the few exceptions was ZEC, which remained in positive territory after renewed optimism surrounding Zcash’s formal verification initiative announced by founder Zooko Wilcox O’Hearn.
Overall, the cryptocurrency market lost approximately $50 billion in value over the past 24 hours, reducing the total market capitalization to below $2.2 trillion.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
