Bitcoin plunges to $59,000 as global crypto market cap drops 6%
The crypto market has once again erased all the gains from the past few days as Bitcoin has plunged to the $59,000 level amidst the drop in overall crypto market cap.
Bitcoin, which was showing positive momentum as it regained the $63,000 level yesterday, has wiped off all its gains in the last 24 hours. BTC fell as low as $58,000 before climbing back to its current price above $59,000.
Ethereum, on the other hand, lost 8% of its value during this period. ETH went from a 24-hour high of $2,700 to as low as $2,400.
Global crypto market cap sheds 6%
The overall cryptocurrency market has taken a tumultuous hit, with a 6% decrease recorded in the last 24 hours as per CoinMarketCap data. The bloodbath has also caused the top 20 altcoins to register single digit losses.
Even though the AI tokens have been surging in anticipation of the Nvidia Q2 earnings report, the market crash took the tokens down with it, erasing the gains from the past few days.
Coinglass data also shows that total crypto liquidations crossed $320 million in the last 24 hours. Over 87,700 traders were liquidated, with the largest single liquidation of $12.67 million. However, the exact reason for the sell-off and price dump remains unclear.
Toncoin and a few meme coins trade in the green
Interestingly, amidst the overall crash, the newly launched meme coin sensation DOGS, popular Solana meme coin POPCAT, and even Toncoin are trading in the green. DOGS and POPCAT are up by 2%, while TON is hovering near $5.3 with a 1% gain.
Source: CoinMarketCap
Toncoin nosedived by over 21% after Telegram founder Pavel Durov was arrested in France. Data from Tonscan also shows that the TON network is likely facing an outage as the network hasn’t processed any transactions in the last four hours.
The crypto fear and greed index has also fallen to the fear level at 30. According to Alternative data, the fear and greed index was standing at 48 in a neutral stance yesterday. However, the emotions and sentiments have triggered fear and panic among investors, as the data shows.
