Bitcoin crashed at $23,500 yesterday and fell nearly $1,000 in the following hours to mark its lowest price point in about a week.
Most altcoins are also in the red today, with UNI, AVAX, APT, LDO, NEAR, MANA, and FTM posting the biggest daily drops.
BTC sees weekly low
The past few days have been quite good for the major cryptocurrency, which hit a 5-month high last week well above $24,000 after the US Federal Reserve raised interest rates by 25 basis points.
The asset tried to stay north of that line in the days that followed but was stopped and pulled back to $23,000 – $23,500, which is where it also spent the weekend.
After a relatively quiet Saturday and Sunday, bitcoin began to lose value during early Asian trading hours. It dipped to $22,600 (on Bitstamp), which became its lowest price since January 30.
As of now, it has made up some ground, but is still trading at just $23,000. As such, its market capitalization has shrunk to $440 billion and dominance over alternatives is 41.5%.
UNI collapses after a16z involvement
crypto potato reported today that VC giant Andreessen Horowitz voted against BNB Chain in an attempt to stop a Uniswap proposal. With an entity holding so much power over a DEX, this raised questions about whether Uniswap is truly a decentralized platform. Naturally, this also affected the price of the native cryptocurrency, with UNI falling 5.5% on the day to below $7.
The rest of the larger-cap alternatives are in no better shape. Dogecoin, Polygon, Binance Coin, Ripple, Shiba Inu, Solana, Avalanche, and Ethereum are all down between 2% and 5%.
More losses of NEAR, LDO, APT, ICP, MANA and FTM are evident. By contrast, LEO is up 4% while OKB has added 2% in value and is inches away from $45.
The overall crypto market capitalization has seen nearly $30 billion disappear in one day, but is still above $1.050 trillion.
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