BTC’s Crash<\/h2>\n
What a week it has been for the primary cryptocurrency. It all started on the right foot, with a surge past $124,000 last Sunday and up to $126,000 on Monday, which became a new all-time high.<\/p>\n
The asset lost some traction in the following days, but remained steady above $120,000 and even $122,000 on Friday. Then came the Trump warning against China, and all hell broke loose.<\/p>\n
At first, the POTUS alleged<\/a> China was deceitful in certain cases, which is why he brought up the old-fashioned tariffs in play. Later, though, he doubled down by confirming<\/a> that the US will impose a 100% tariff on Chinese products starting from November 1.<\/p>\n The effects on the over-leveraged crypto markets were profound. In just several hours, bitcoin plummeted from $122,000 to just over $101,000 on some exchanges, and $105,000 on others. This became its lowest price tag in over three months. The move south was followed by most altcoins, but more on that later.<\/p>\n The overall liquidations set a record at more than $19 billion in a day, with over 1.6 million traders getting wrecked.<\/p>\n BTC has recovered some ground and now sits around $112,000, but it’s still 8% down on the day. Its market cap has plunged to $2.235 trillion, while its dominance over the alts is at 58%.<\/p>\n While BTC’s crash was massive, it pales in comparison to what happened to some altcoins. Cardano’s ADA, for instance, nosedived<\/a> by over 65% from top to bottom, dumping to a yearly low of under $0.30. Although most have moved off the lows marked earlier today, they are still down by substantial percentages.<\/p>\n ETH (-11%), XRP (-12%), SOL (-16%), DOGE (-22%), LINK (-19%), XLM (-12.6%), and SUI (-21%) are some of the double-digit examples. ZEC is the only exception, having surged by 12% to $255.<\/p>\n The cumulative market cap of all crypto assets plunged by $900 billion during the darkest hours of the crash, dropping to $3.3 trillion. It has recovered a lot of ground to over $3.8 trillion now, but it’s still down by $400 billion since yesterday.<\/p>\n The post Crypto Markets Bled $900 Billion as Bitcoin Dumped to 3-Month Low: Weekend Watch<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nAlts’ Meltdown<\/h2>\n
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