Bitcoin Dipped to $33,500 Amid The News From China: Dominance Soars As Altcoins Plunge (Market Watch)

With bad news attacks coming from all directions over the past week, bitcoin’s price fails to recover any of the recent losses. In the past 24 hours alone, the cryptocurrency fell by almost $10,000 following another set of China FUD.

Most altcoins have it even worse, with double-digit price slumps charted from ETH, BNB, ADA, DOGE, XRP, and more.

China Causes Another $9K Dip for BTC

Bitcoin has seen better days. The massive sell-off during the week caused substantial disruptions in the market when BTC lost $10,000 in minutes.

The situation seemed significantly more optimistic shortly after as the asset recovered the losses somewhat rapidly. Furthermore, bitcoin calmed around $40,000 after a few unsuccessful attempts to continue upwards.

However, China decided to remind the world once again about its negative stance on the cryptocurrency space. In its latest edition, the State Council of China breached a crackdown on BTC mining and trading.

As with previous examples, the price of the primary cryptocurrency tumbled immediately. It fell from its daily high of $41,800 to $36,500 instantaneously. Although this 12% dump was bad enough, the situation worsened shortly after, and BTC dumped to a low beneath $34,000 (on Bitstamp).

Despite recovering a few thousand dollars since then, bitcoin is still 9% down on a 24-hour scale. On the positive side, its market capitalization has increased to 45% as the altcoins have plummeted even worse.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bloody Altcoins Street

As it typically happens when there’s a highly volatile market move, the altcoins suffer even more. Ethereum is 20% down now to $2,250, however, the second-largest crypto saw its price collapsing below $2100 earlier today. Thus, ETH is about 50% away from its latest ATH reached just 11 days ago.

BNB dropped well below $300. Despite bouncing off to just shy of that particular level, the asset is still 23% down since yesterday. Cardano (-16%), Dogecoin (-15%), Ripple (-23%), Polkadot (-25%), Bitcoin Cash (-22%), Litecoin (-17%), and Uniswap (-26%) are also well in red.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

 

The situation with the lower- and mid-cap altcoins is even worse. OKB leads this adverse trend with a massive 40% dump. Huobi Token (-35%), Terra (-32%), Nexo (-32%), THORChain (-32%), Maker (-31%), Compound (-30%), SushiSwap (-30%), BakeryToken (-30%), Aave (-29%), and SHIBA INU (-27%) are just a few more of the double-digit price losers.

Overall, the crypto market cap lost more than $250 billion in a day and is down to $1.5 trillion. The metric has lost about $1 trillion since its peak earlier in May.

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