Bitcoin dropped below $64K, dragging major altcoins lower including XRP to 21-month lows; crypto market cap fell $40B to $2.25T.
Macro & Markets ·
Bitcoin declined below $64,000 after failing to sustain a push above $65,400, pulling major altcoins lower in its wake. Ethereum fell below $1,900, while XRP descended to within inches of $1.00, marking a 21-month low for the Ripple token. The broader cryptocurrency market shed approximately $40 billion in value, with total capitalization declining to $2.250 trillion.
The sell-off extended across multiple large-cap assets. Cardano slipped below $0.19 following a 4% drop, and Zcash declined nearly 5% to under $490. Pi Network's token fell below $0.09 support after a near-5% daily loss. Bitcoin's market capitalization dropped below $1.290 trillion, though its dominance over altcoins held above 57%.
Several assets registered gains during the decline, including Binance Coin, Tron, Dogecoin, Monero, and Chainlink, though they offset only a fraction of broader market losses. The timing of the downturn followed setbacks to the CLARITY Act in the US Senate and preceded weaker-than-expected US employment data, though the precise causal chain between these events and the price action remains unclear.