Bitcoin couldn’t hold onto its gains and slipped back down to just over $70,000. This fluctuation in Bitcoin’s price came amidst various market movements, including a notable decline last Wednesday following news of the US government planning to sell 2,000 BTC. Despite these challenges, Bitcoin managed to recover some ground, aiming to break past the $70,000 mark again.
Altcoins have had their share of the spotlight, with TON making headlines by reaching a new all-time high of over $6.5, thanks to a double-digit daily surge. This impressive performance has even led TON to surpass ADA in market cap, becoming the tenth-largest cryptocurrency. On the other hand, several altcoins like DOGE, SOL, BCH, and AVAX faced downturns, with DOGE dropping by 5% and others also seeing significant declines.
The total crypto market cap experienced a dip, shedding about $60 billion since its peak, indicating a broader trend of volatility in the market. Despite these challenges, certain majors like NEAR, XRP, XMR, and CRO managed to stay in the green, showcasing resilience amidst market fluctuations.
Bitcoin’s journey has been particularly tumultuous, with its price action taking an uncertain turn. Weak inflows into Bitcoin ETFs and a $300-million outflow from the Grayscale Bitcoin Trust contributed to a nervous market atmosphere. Despite these setbacks, some market analysts remain optimistic, looking for signs of a reversal upward, with targets set for Bitcoin to reach as high as $82,000.
In other news, the crypto space is also buzzing with developments outside of price movements. A blockchain security firm issued a warning about a high-risk vulnerability on Telegram, potentially exposing users to attacks. Additionally, the upcoming Bitcoin halving and macroeconomic factors like potential rate hikes and regulatory developments could impact the market in significant ways.
