What USD 13K? Bitcoin Crashes Below USD 11.5K, Crypto Market Dives

Bitcoin Market

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Linas Kmieliauskas

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Linas Kmieliauskas

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June 26, 2023

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The most popular cryptocurrency, bitcoin, just erased all its gains this week after its price crashed by almost USD 2,000 suddenly, while the whole crypto market dropped by 13%. Only two coins from the top 100 are in green now.

At pixel time (05:18 UTC), bitcoin trades at c. USD 11,360 and is down by more than 12% in the past 24 hours and by 3% in the past week. Among the top 10 coins by market capitalization only binance coin performed better, dropping 7%, while other major tokens lost 13%-22% of their value.

Bitcoin price chart:

The whole market capitalization dropped by almost 13%, to USD 311 billion. However, bitcoin dominance, or the percentage of the total market capitalization, stayed above 65%.

Among the top 100 coins only XMX and CRO are up in the past 24 hours (23% and 14% respectively.)

While some claim that the market crashed after U.S. Federal Reserve Chairman Jerome Powell criticized Facebook’s Libra, majority of traders say that it’s a coincidence and the recent sharp move is nothing unusual in this volatile market.

Yesterday, when bitcoin was still trading closer to USD 13,000 than USD 12,000, Mati Greenspan, a senior market analyst at the eToro trading platform, said that a fresh high would be taken by the market as a confirmation that momentum is starting to build up again and could “certainly create more FOMO [fear of missing out] as we trek toward the all-time high.” It seems that the confirmation and FOMO have been postponed for the time being.

Top 10 coins by market capitalization: