The cryptocurrency market erased roughly $80 billion in value over the past 24 hours after Bitcoin (BTC) suffered a sharp rejection near key resistance, triggering a broad sell off across major digital assets.
The downturn followed Monday’s rally, which had been fuelled by easing geopolitical tensions over the weekend. However, the bullish momentum quickly faded as sellers regained control.
Bitcoin Drops After Failing to Hold Above $65K
Bitcoin enjoyed a strong rally last week, climbing from around $63,750 to a monthly high near $67,000 in just 36 hours. Despite the impressive move, the leading cryptocurrency failed to break above that level and gradually retreated to approximately $63,750 by Friday.
Buyers stepped back in over the weekend, helping BTC recover to around $64,000 as market volatility eased.
Optimism returned on Monday after news of reduced tensions in the Middle East encouraged renewed risk appetite. Bitcoin climbed to $65,600 twice, reaching its highest level since Friday.
The recovery proved short lived.
After failing once again to break resistance, Bitcoin experienced an aggressive sell off that sent the asset tumbling to around $63,000, its lowest price in ten days and a move that contributed to nearly $700 million in liquidations across the derivatives market.
At the time of writing, BTC had recovered slightly to around $63,400, although it remained roughly 3% lower on the day. Its market capitalisation stood at approximately $1.72 trillion, while its dominance of the overall crypto market remained below 57%.
Altcoins Extend Market Losses
The broader cryptocurrency market also came under heavy selling pressure.
Ethereum, which had climbed to a two month high near $1,980 a day earlier, reversed sharply and fell more than 4%, dropping below $1,900.
XRP and Solana (SOL) posted similar declines, while Hyperliquid’s HYPE token recorded one of the steepest losses among large cap cryptocurrencies, sliding about 8% to around $55.
Other notable losers included Zcash (ZEC), Chainlink (LINK), Stellar (XLM), and Cardano (ADA), all of which traded firmly in negative territory.
Among the top 100 cryptocurrencies by market capitalisation, BEAT suffered the biggest decline, plunging roughly 25% to around $2.74. NEAR dropped about 10%, while SHIB and PI each fell approximately 9%.
Total Crypto Market Value Falls by $80 Billion
The widespread decline reduced the total cryptocurrency market capitalisation from roughly $2.33 trillion to $2.25 trillion, representing an $80 billion loss in market value within a single day as investors moved to reduce risk ahead of the US Federal Reserve’s upcoming policy decision.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
