Bitcoin did not react well to the latest PCE data coming out of the US and fell almost $1,000 to a 10-day low.
Altcoins are also in the red, with the most substantial losses coming from MATIC, DOT, UNI and others.
Bitcoin fell to $23K
The end of last week was much better than this, as BTC soared in double digits to record a six-month high above $25,000. He didn't make it decisively over that line at first, but kept trying. However, all three attempts saw fast rejections.
The latest, which arrived mid-week, pushed the cryptocurrency south to $23,500. The bulls tried to intercept the move and took Bitcoin to over $24,000 hours later. It seemed that the asset had calmed down around that level, but the picture changed once the US. Announced that the PCE inflation metric had increased by 0.6% in January.
Bitcoin reacted with a sharp price drop, taking it from $24,000 to just under $23,000. Thus, the asset posted its lowest tag price in ten days.
It is trading just above $23,000 as of now, but its market capitalization struggles below $450 billion. His dominance over alts is pretty much stuck at 42.1% on CMC.
Altcoins see red
As is often the case when there is increased volatility with bitcoin, altcoins feel it even more vigorously.
Ethereum is down 3% on the day and is struggling to stay above $1600. Binance Coin has declined by a similar percentage and stands at $300. Cardano, Ripple, OKB, Dogecoin, Solana, Shiba Inu and Litecoin are also in the red, losing up to 5% in one day.
The ones that have decreased by more than 5% now are Polygon, Polkadot, Avalanche, Uniswap, Chainlink, Filecoin and many others.
As such, it's no surprise that the cumulative market capitalization of all crypto assets has declined to $1.060 trillion after losing $40 billion in one day.
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