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Crypto Markets Shed $120 Billion Overnight as Bitcoin Plunges by $4K: Market Watch

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Bitcoin starts November on the same foot as it ended October, with another price slide that drove it to just under $107,000 earlier today.

The altcoins have followed suit, with notable price drops from the likes of BNB, SOL, DOGE, LINK, ADA, and many others.

BTC Slides to $107K

The previous business week was quite eventful and volatile for the cryptocurrency markets, prompted by external developments. For instance, BTC jumped to $116,000 on a couple of occasions on Monday and Tuesday, only to be stopped and rejected at its second attempt.

The subsequent denial led to an immediate decline to $112,000 when otherwise bullish news came from the US Federal Reserve. Despite the rate cut by 25 bps, BTC headed south again, dropping below $106,000 on Thursday. The US-China deal on the trade war front brought another relief rally when bitcoin jumped past $111,000.

However, it couldn’t maintain its run and was stopped over the weekend at that level again. Monday began on a negative note when the bears took control of the market and pushed the cryptocurrency south to just under $107,000.

So far, this support has managed to hold BTC, but the asset is still nearly 3% down on the day. Its market cap has tumbled below $2.150 trillion, while its dominance over the alts has actually increased to 58.3% on CG.

BTCUSD. Source: Tradingiew
BTCUSD. Source: Tradingiew

Alts Bleed Out

The altcoin charts are even worse today. Ethereum is down to $3,700 after a 3.8% decline. XRP has slumped to $2.40 following a 4.5% daily correction. Even more painful declines are evident from BNB, SOL, DOGE, ADA, LINK, SUI, HBAR, AVAX, and many others, with losses of up to 7%-8%.

Most mid- and lower-cap alts are in a similar state, but there are a few exceptions. ICP has risen by over 8% daily, followed by WBT and ASTER.

Overall, though, the total crypto market cap has seen over $120 billion gone since yesterday, and the metric is down to $3.680 trillion on CG.

Cryptocurrency Market Overview Daily. Source: QuantifyCrypto
Cryptocurrency Market Overview Daily. Source: QuantifyCrypto

The post Crypto Markets Shed $120 Billion Overnight as Bitcoin Plunges by $4K: Market Watch appeared first on CryptoPotato.

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