Bitcoin, after a brief recovery to $67,000, faced a downturn, dropping to just under $62,000, marking a 4% decline in the past 24 hours. This decrease in Bitcoin’s value has led to a $50 billion reduction in its market capitalization, now standing at $1.250 trillion. The altcoin market has not been spared, with Ethereum, Binance Coin, Ripple, Dogecoin, Cardano, Tron, and Polygon all witnessing similar losses. Among the larger-cap altcoins, Solana (SOL), Toncoin (TON), Bitcoin Cash (BCH), NEAR Protocol (NEAR), and Internet Computer (ICP) were the biggest losers, with SOL leading the pack with a 15% drop.
However, OKX’s native token, OKB, emerged as an exception, recording an increase as high as 8%. The only other significant coin in the top 100 with gains is CORE with a 17% gain to $2.25, and one point being 30% higher. Meme coins such as PUPS and PEPE continue to cool off after recent peaks with approximately 25% losses.
The market’s bearish trend is attributed to geopolitical tensions and the anticipation of Bitcoin’s halving event, which historically brings volatility. As the market navigates through these turbulent times, with Bitcoin’s halving event on the horizon, traders and investors are closely monitoring the market for signs of recovery or further corrections. The overall crypto market cap has seen a $100 billion decline, reflecting the cautious sentiment prevailing among market participants.
