Altcoins Bleed as Bitcoin Drops Below $96K
Bitcoin continued its disappointing performance, falling below $96K after holding above that level over the weekend.
Bitcoin’s Decline and Its Impact:
Bitcoin dropped to $93,500 early in the week before recovering some of its losses and reaching $99,500 after positive comments from Coinbase CEO.
Bybit’s $1.4 billion hack led to a rapid decline of over $4,000, sending the price back down to $95,000, before later falling back below $96,000 at the start of the new week.
Altcoins came under heavy selling pressure, with Ethereum losing 4% to fall below $2,700, while XRP recorded a similar decline to below $2.50.
The biggest losses were in SOL, DOGE, ADA, LINK, AVAX, SHIB, and PEPE, with declines of up to 8%, while HYPE lost over 11.5% to $21.5.
This drop caused the cryptocurrency market cap to drop by over $60 billion, settling at $3.265 trillion.
#memecoin🚀🚀🚀 #solana #dodge $SOL $DOGE $SHIB