Crypto Markets Drop $30B Daily as LDO, ARB Dump 5% (Market Watch)

Bitcoin failed at tapping $29,000 yesterday, and the subsequent rejection brought it back down by almost a grand.

Most alternative coins have also turned red today, with some, such as DOGE, LDO, and ARB, dropping hard.

BTC Back to $28K

This week started with a familiar note, with bitcoin slumping to $27,200 after FUD regarding Binance. However, as the exchange’s CEO refuted the claims that he was issued a Red Notice by Interpol, and it turned out to be fake news, the cryptocurrency started gaining value and erased all recent losses.

It jumped to over $28,000 almost immediately before the bulls initiated another leg-up that brought up all the way up to $28,800 (on Bitstamp). As they were preparing to challenge $29,000, the situation reversed, and BTC started losing value once again, even after MicroStrategy’s latest purchase.

As of now, the cryptocurrency trades roughly a grand lower as it just dipped beneath $28,000. Its market cap has slipped to $540 billion, while its dominance over the altcoins is at 45.7%. In fact, the metric has declined by almost 1% in the past week or so.

LDO, DOGE, ARB in the Red

Almost the entire altcoin field has turned red today. Dogecoin leads the adverse trend from the top 10 assets with a 6% slump. Nevertheless, the original memecoin is still up by more than 20% on a weekly scale following the most recent engagement from Elon Musk.

LDO and ARB are the other more notable losers from the larger-cap alts. Both assets are down by approximately 5% to $2.53 for LDO and $1.2 for ARB.

More daily price declines are evident from Ethereum, which has slipped beneath $1,900 after marking an eight-month high yesterday above that level, BNB, XRP, ADA, MATIC, SOL, and many others.

Overall, the cumulative market cap of all crypto assets has seen roughly $30 billion gone in a day and is down below $1.2 trillion.