Crypto Tumbles: Bitcoin Falls Below $67K, XRP Dips Under $1

Crypto Market Plummets as Bitcoin Falls Below $67,000

The cryptocurrency market is experiencing another downturn as the weekend begins, a period typically marked by calmer trading. Bitcoin has led the decline, dropping below $67,000 for the first time in nearly three months. Ethereum has fallen below $1,900, and XRP is struggling to maintain its $1.00 mark.

These significant price movements follow a volatile ten-day period that commenced after the U.S. midterm elections. Initially, Bitcoin dipped below $76,000 following a Democratic victory, only to surge to $81,000 within hours on November 5. This impressive rally proved short-lived, with a subsequent rejection pushing the price below its starting point by Friday.

The preceding weekend had been relatively uneventful, with Bitcoin trading near $76,000. However, the new business week saw another drop to below $74,000. While bulls attempted to defend this level and succeeded for a day, a predominantly bearish sentiment persisted throughout the week. Bitcoin first slipped below $73,000 after a hotter-than-expected Consumer Price Index (CPI) reading, and bears fully seized control of the market following Jensen Huang’s resignation.

Friday the 13th proved particularly painful, with Bitcoin plunging below $68,000 to reach a multi-month low. Despite a rebound to $70,000 later in the day, the upward momentum could not be sustained, and the price fell again on Saturday morning to $66,500. These are levels not seen since mid-August, just before Bitcoin’s previous breakout rally began.

Bitcoin’s market capitalization has shrunk to $1.35 trillion on CoinMarketCap, with its dominance over altcoins falling to 59.5%.

XRP also breached a psychological threshold, dipping to $0.984 earlier this morning. Less than ten days ago, Ripple’s token was trading at $1.35. Ethereum has fallen under $1,900 and is currently fighting to stay above this level, a stark contrast to its near-$2,500 price on November 5.

Other cryptocurrencies are also in decline: BNB is down to $620, Solana (SOL) is struggling at $76, and HYPE is trading below $70. While a few altcoins like Zcash (ZEC), Monero (XMR), NEAR Protocol (NEAR), Litecoin (LTC), and PUMP have seen minor gains, most mid- and lower-cap altcoins are also in the red. Notably, PEPE has experienced a significant 6% decline.

The total cryptocurrency market capitalization has shed another $110 billion in the past couple of days, now standing at $2.330 trillion on CoinMarketCap. These adverse market developments have also triggered a substantial increase in liquidations, with nearly $700 million in leveraged positions being wiped out in the last 24 hours.