Bitcoin didn’t react well to the latest PCE data coming from the US and dropped by almost a grand to a ten-day low. The altcoins also sit deep in the red, with the most substantial losses coming from MATIC, DOT, UNI, and others. Bitcoin Fell to K The end of last week went a lot better than this one as BTC skyrocketed by double-digits to chart a six-month high above ,000. It failed to decisively overcome that line at first but kept trying. However, all three attempts saw quick rejections. The latest, which came mid-week, pushed the cryptocurrency south to ,500. The bulls tried to intercept the move and drove bitcoin back to above ,000 hours later. It seemed that the asset had calmed around that level, but the landscape changed once the US announced that the PCE
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Bitcoin didn’t react well to the latest PCE data coming from the US and dropped by almost a grand to a ten-day low.
The altcoins also sit deep in the red, with the most substantial losses coming from MATIC, DOT, UNI, and others.
Bitcoin Fell to $23K
The end of last week went a lot better than this one as BTC skyrocketed by double-digits to chart a six-month high above $25,000. It failed to decisively overcome that line at first but kept trying. However, all three attempts saw quick rejections.
The latest, which came mid-week, pushed the cryptocurrency south to $23,500. The bulls tried to intercept the move and drove bitcoin back to above $24,000 hours later. It seemed that the asset had calmed around that level, but the landscape changed once the US announced that the PCE inflation metric had increased by 0.6% for January.
Bitcoin reacted with a sharp price drop, which drove it from $24,000 to just under $23,000. Thus, the asset charted its lowest price tag in ten days.
It trades just inches above $23,000 as of now, but its market cap struggles beneath $450 billion. Its dominance over the alts is rather stagnant at 42.1% on CMC.
Altcoins See Red
As it typically happens when there’s enhanced volatility with bitcoin, the altcoins feel it even more vigorously.
Ethereum is down by 3% on the day and struggles to remain above $1,600. Binance Coin has declined by a similar percentage and sits at $300. Cardano, Ripple, OKB, Dogecoin, Solana, Shiba Inu, and Litecoin are also in the red, losing up to 5% in a day.
Those who have declined by over 5% now are Polygon, Polkadot, Avalanche, Uniswap, Chainlink, Filecoin, and many others.
As such, it’s no surprise that the cumulative market cap of all crypto assets has declined to $1.060 trillion after losing $40 billion in a day.
