In a turbulent turn of events, Bitcoin has seen its recent gains evaporate as it fell below the $91,000 mark earlier today. This decline has been attributed to ongoing tensions surrounding the EU-US trade relations and developments related to Greenland.
The cryptocurrency market is experiencing significant turmoil, with altcoins once again deep in the red. Ethereum has dropped beneath $3,100, and Ripple is struggling to maintain the critical $2.00 support level, having lost 2.6% recently.
Bitcoin had shown promise last week, surging by $8,000 and peaking at $98,000 midweek. However, the bullish momentum shifted dramatically, leading to a sharp decline. Over the weekend, BTC hovered around $95,000, but as the markets reopened on Monday, volatility ensued, pushing it down to under $92,000.
Today, Bitcoin hit a weekly low of just under $91,000 and is currently grappling around this level. Its market capitalization has decreased to below $1.820 trillion, while its dominance remains significant at 57.5% according to CoinGecko.
The alternative cryptocurrencies are feeling the pressure. Following a brief rally to over $3,300 on Sunday, Ethereum is now facing resistance at $3,100. BNB has dropped to $915, SOL is trading below $130, and XMR has plunged over 9% to $580. The most notable decline comes from ICP, which has seen a steep drop of 13%, now trading at $3.70.
Conversely, CC has registered a gain of more than 9%, now trading above $0.12. Overall, the total cryptocurrency market capitalization has decreased by $80 billion, now resting at $3.160 trillion as per CoinGecko.
