Bitcoin News: The total volume of the cryptocurrency market has dropped below $1.4 trillion. Along with Bitcoin, most of the alternative cryptocurrencies have declined in the last 24 hours.
Bitcoin dragged the entire crypto market down
After attempting to rise above $35,000, Bitcoin reversed its trajectory once again and dropped more than $2,000 within hours. Most alternative cryptocurrencies are also in the red, with total market cap losing $100 billion since yesterday’s high.
Just a few days ago, the primary cryptocurrency was climbing to $36,000, but it failed and returned to around $33,000. It once again rose to around $35,000 in the following days, but negative news from China dropped BTC by several thousand dollars again.
However, Chinese influences seem to have weakened lately, and BTC has rebounded losses relatively quickly.
35 thousand dollars could not be broken
Still, the bears did not let $35,000 exceed $35,000, intensifying the pressure in a matter of hours, and BTC lost more than $2,000. As a result, Bitcoin slumped to $32,800, making it the lowest price line since July 2.
Although it has since bounced and reclaimed $33,000, the cryptocurrency is still down more than 4% on a 24-hour scale and its market cap is well below $650 billion.
Altcoins are also declining
The situation is largely similar with alternative cryptocurrencies. Ethereum has been among the top performers lately, especially after the London hard fork was confirmed to take place in early August. The second-largest cryptocurrency rallied to a 3-week high above $2,300.
However, ETH has dropped more than 7% since yesterday and is now about to drop below $2,200.
Binance Coin pulled back 5% and dropped to $320. Cardano (-4%), Ripple (-5.5%), Polkadot (-.5%), Bitcoin Cash (-5.5%), and Litecoin (-5.5%) fell at a similar rate.
Also, Dogecoin (-8.5%), Uniswap (-10%), and Chainlink (-10%) recorded losses.