Bitcoin's Recovery Erased Amidst Trade War Developments
Bitcoin's recovery from the previous week has been significantly diminished, with the asset falling below $91,000 today. This decline follows recent developments concerning the EU-US trade war and the ongoing situation with Greenland.
The primary cryptocurrency experienced a strong upward trend last week, gaining $8,000 over a few days and reaching a multi-week high of $98,000 on Wednesday evening. However, as bulls prepared for a push towards $100,000, market conditions shifted, leading to a decrease of several thousand dollars in the following days.
Bitcoin traded quietly around $95,000 over the weekend. Volatility was anticipated on Monday morning with the opening of futures and Asian markets, influenced by the latest escalations between the US and the EU. These fluctuations materialized, pushing BTC down from $95,500 to below $92,000.
The asset managed to recover some ground mid-day on Tuesday. However, it experienced another drop on Tuesday morning, reaching a weekly low below $91,000. Bitcoin is currently trading around this level, with its market capitalization falling below $1.820 trillion. Its dominance over altcoins remains strong at 57.5%.
Altcoins Face Significant Declines
Alternative cryptocurrencies are experiencing substantial losses for the second consecutive day. Ethereum, which traded above $3,300 on Sunday evening, is now struggling to maintain the $3,100 level after the recent correction. Ripple's XRP token has fallen well below $2.00, marking another 2.6% decline.
Other altcoins are also showing significant drops. BNB is down to $915, Solana (SOL) is trading below $130, and Monero (XMR) has plunged by over 9% to $580.
Internet Computer (ICP) has seen a particularly sharp decline, dumping by 13% to $3.7. In contrast, CorgiCoin (CC) has shown resilience, gaining more than 9% and trading above $0.12.
The total cryptocurrency market capitalization has decreased by another $80 billion, now standing at $3.160 trillion.
