TL;DR
Bitcoin’s latest downturn has intensified, wiping out all gains recorded after Trump’s reelection and dragging the broader crypto market into deep losses. The asset briefly slipped below $70,000 earlier today, marking its weakest point since the days immediately following the 2024 US elections. The decline caps a dramatic reversal from last week’s $90,000 peak and underscores the market’s rapid shift toward bearish sentiment.
Just over a week ago, Bitcoin traded at $90,000, but the rally was abruptly halted as sellers overwhelmed the market. The asset fell to $81,000 last Thursday, attempted a rebound to $84,000 on Friday, then plunged under $75,000 on Saturday. A short-lived recovery to $79,000 failed to restore confidence, and BTC continued sliding to $73,000 on Tuesday. The pattern of dead-cat bounces has defined the downturn, culminating in today’s brief drop below $70,000.
Although Bitcoin has since bounced slightly above $70,000, the damage is clear. BTC is down 7% on the day and 20% on the week, with its market cap falling to $1.410 trillion on CG. Dominance has weakened to 57%, signaling that altcoins are absorbing even heavier losses. Updated figures show Bitcoin trading just above $70,000 while losing nearly 8%, reinforcing the severity of the correction.
Altcoins have mirrored and, in many cases, exceeded Bitcoin’s losses. ETH is down 6%, with updated data placing it near $2,000 after an 8% drop. BNB has fallen below $700 and now trades at $677, losing nearly 10%. XRP is today’s worst performer, plunging more than 15% to $1.35, its lowest level in over a year. SOL, ADA, DOGE, XMR, LINK, and others remain deep in the red, reflecting widespread market capitulation.
HYPE stands out as one of the rare gainers, rising almost 5% to $34. Meanwhile, the total crypto market cap has erased another $170 billion, now sitting below $2.5 trillion on CG. With bearish pressure persisting, traders are watching closely for signs of stabilization.
