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Bitcoin Nosedives to a Monthly Low of $52.7K, Altcoins See Red

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Release: 2024-09-07 18:03:13
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Bitcoin's nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.

Bitcoin Nosedives to a Monthly Low of .7K, Altcoins See Red

Bitcoin (BTC) and the broader cryptocurrency market took another hit in the past 24 hours, with BTC’s nosedives continuing and the total market cap dropping below $2 trillion for the first time in over a month.

The primary cryptocurrency briefly touched $57,000 during the day but then took a turn and slipped below $53,000 within hours. This came after BTC lost the crucial $60,000 level last week and failed to regain it despite an attempt on September 3.

The bears took over and pushed BTC down to a monthly low of $52,700 on Bitstamp. The asset recovered slightly after that but remained 4% down on the day and over 8% in the past seven days. BTC’s market capitalization now stands at $1.070 trillion.

The altcoins also suffered from the market downturn, with Ethereum (ETH) leading the losses among the large-cap coins. ETH dropped by 4% to trade below $2,250.

BNB, XRP, and SOL followed suit with smaller declines, while DOGE dropped by 5% to trade below $0.1. Among the top 100 coins, TON, BCH, SHIB, LTC, OKB, and XMR also marked substantial losses.

The total cryptocurrency market capitalization, as reported by CoinGecko, dropped by another $50 billion to reach $2 trillion for the first time since August 11.

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