Bitcoin has dipped below the $70,000 level for the first time in a week after a sharp rejection from a recent high of roughly $76,000. The broader cryptocurrency market faced significant selling pressure, with major altcoins like Ethereum and XRP declining and the global market cap shedding approximately $100 billion in value. Amidst the widespread downturn, a few tokens, including HASH and RIVER, posted double-digit gains.
Bitcoin’s price fell below $70,000 on Thursday, marking its first dip under that level since the previous week. This drop accelerates a reversal that began after the asset was rejected at approximately $76,000 earlier in the week.
The decline occurred after heightened volatility surrounding the latest FOMC meeting, where officials announced no change to interest rates. Despite a brief rebound, bitcoin remains about 5% down on the day with its market capitalization now at $1.410 trillion.
Most major alternative cryptocurrencies followed the leading digital asset lower. Ethereum dropped over 6% to trade well below $2,200, while XRP lost its $1.50 support level.
Other notable losers included ZEC, WLD, and MNT, all of which plummeted by double-digit percentages. In contrast, HASH and RIVER surged by over 12% daily amidst the broader market slump.
The total cryptocurrency market capitalization has been reduced by roughly $100 billion since a recent peak. Data shows it now stands at approximately $2.5 trillion.
