While investors and traders seemed eager to see a return to week-over-week gains, crypto stalks took big hits overnight, with BTC dipping as much as 10 percent in the past 24 hours amid news of U.S. law enforcement retrieving a portion of hacked crypto funds which were majorly denominated in Bitcoin.
At the time of writing, the BTC was trading at $33,110, having reached close to $40,000 on Friday last week. The rest of the market has also fallen substantially, further pouring salts in the wounds of avid crypto investors.
The recent dip took the overall market cap of all cryptocurrencies to a combined below of $1.47 trillion for the first time since May.
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The story was similar in the mid-caps, with coins such as Ethereum, Binance Coin and LTC falling like rocks in the last 24 hours. At the time of writing, Ethereum was down 11.6%, Binance Coin 13.14%, LTC 13.4% and Doge 12.4%. Solana, which recently emerged as a stand-out cryptocurrency of late, fell by a humbling 18.7%.
While many analysts had predicted a more positive trajectory at the start of the week due to countless positive news in the crypto space, many professional investors remain concerned about the near-term outlook. To paint a picture, global investment management firm Goldman Sachs has stated that their meetings with 25 chief investment officers revealed Bitcoin as their least favorite asset for investment.
Furthermore, it has been mentioned that recent comments made by the former U.S. President, Donald Trump, might have something to do with the current Bitcoin dip.
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Trump told Fox Business, or much rather ranted, that Bitcoin “just seems like a scam. I don’t like it because it’s another currency competing against the dollar”. In any case, Trump’s timing in this situation couldn’t be any sweeter, as the digital market started taking big hits within the hour, with or without his involvement.
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The last 24 hours spilled a lot of blood across the crypto streets, incurring losses worth billions as novel investors and impatient sellers continue to enter and leave the space on the go.
For what it’s worth, the price of bitcoin is still up by more than 250% since last year, and chances are it might get even better from here.
Nice overview, thanks