Bitcoin’s impressive price recovery that began over the weekend has come to a halt as the asset slumped by over four grand after it was rejected at $116,000.
The altcoins have produced even more painful declines within the same timeframe, which include double-digit corrections by the likes of BNB, MNT, ZEC, and others.
BTC Slides to $112K
The previous business week ended with one of the worst crashes in recent crypto history after US President Donald Trump threatened China with a new set of tariffs for certain products. BTC went from $122,000 ahead of the statement to $110,000 before a mass wave of liquidations hit it even harder, and it plunged to $101,000 on some exchanges, such as Binance.
After this flushout, the cryptocurrency bounced off and surged past $110,000 over the weekend. It kept climbing on Sunday and Monday, touching $116,000. Thus, it had regained $15,000 from the bottom in just a few days.
However, the bears reemerged on Tuesday morning. BTC was stopped at that resistance and pushed south by over four grand, slipping below $112,000 earlier today. It currently hovers around that level, as its market capitalization has dropped further to $2.235 trillion on CG.
Its dominance over the altcoins has regained some traction since yesterday and is up to 57.5%.
Alts Bleed Out
The altcoins have been hit even harder in the past several hours. The recent high-flyer BNB, which tapped a new all-time high yesterday, has plummeted by over 11% and is close to breaking below $1,200 as of now. MNT and ZEC are the other double-digit daily losers.
Ethereum dropped to $4,000 after a 4% decline, XRP has slumped beneath $2.5 following a 6% drop, while DOGE is down to $0.20 after a 5.25% decrease. Further losses are evident from ADA, HYPE, XLM, and many others.
This substantial volatility has harmed over-leveraged traders again, as the total number of wrecked such market participants is well over 210,000 on a daily scale. The total value of liquidated positions has jumped to $630 million on CoinGlass.
