Bitcoin dropped below $83K amid $70B market cap loss, while QNT and HBAR gained 20%+ and 18% respectively.
Macro & Markets ·
Bitcoin retreated below $83,000 on Monday morning after failing to hold a $85,000 resistance level, erasing over $70 billion from the total crypto market capitalization in a single day. The decline coincided with geopolitical tensions in the Middle East, as oil prices climbed following a rejection of Iran's peace proposal, creating headwinds for risk assets. Bitcoin's market dominance fell to 58.5% as the broader market capitalization compressed to $2.84 trillion.
While most major cryptocurrencies suffered losses—including Ethereum below $2,650 and Binance Coin at $760—two tokens bucked the trend. Quant (QNT) surged more than 20% to above $220, building on a 75% gain from the previous day, while Hedera (HBAR) climbed 18% to $0.207. Other gainers included XDC and BTW with double-digit advances.
The mechanics behind QNT and HBAR's outperformance remain unclear, with no specific catalysts disclosed in available reporting. Whether the rally reflects buying into weakness, protocol developments, or separate bullish sentiment remains open.