Bitcoin did not react well to the latest PCE data coming out of the US and fell almost $1,000 to a 10-day low.
Altcoins are also in the red, with the most substantial losses coming from MATIC, DOT, UNI and others.
Bitcoin fell to $23K
The end of last week was much better than this, as BTC soared in double digits to record a six-month high above $25,000. He didn’t make it decisively over that line at first, but kept trying. However, all three attempts saw quick rejections.
The latest, which arrived mid-week, pushed the cryptocurrency south to $23,500. The bulls tried to intercept the move and took Bitcoin to over $24,000 hours later. It looked like the asset had calmed down around that level, but the picture changed once the US announced that the PCE inflation metric had risen 0.6% in January.
Bitcoin reacted with a sharp price drop, taking it from $24,000 to just under $23,000. Thus, the asset posted its lowest tag price in ten days.
It is trading just above $23,000 as of now, but its market capitalization struggles below $450 billion. His dominance over alts is pretty much stuck at 42.1% on CMC.
Altcoins see red
As is often the case when there is increased volatility with bitcoin, altcoins feel it even more vigorously.
Ethereum is down 3% on the day and is struggling to stay above $1600. Binance Coin has declined by a similar percentage and stands at $300. Cardano, Ripple, OKB, Dogecoin, Solana, Shiba Inu and Litecoin are also in the red, losing up to 5% in one day.
The ones that have decreased by more than 5% now are Polygon, Polkadot, Avalanche, Uniswap, Chainlink, Filecoin and many others.
As such, it’s no surprise that the cumulative market capitalization of all crypto assets has declined to $1.060 trillion after losing $40 billion in one day.
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