Outside Source
The past 24 hours have offered a new doze of volatility for the cryptocurrency market, this time negatively affecting the bulls. Bitcoin (BTC), for instance, briefly plummeted below $85,500.
The situation with the alternative coins is no better, with some of the leading ones charting more substantial losses than the primary cryptocurrency.
BTC Enters Red Territory Again
Somewhat expectedly, the highly anticipated crypto summit held at the White House on March 7 caused turbulence in the digital asset market. While some speculated that the event would trigger a price rally for Bitcoin (BTC), the asset showed its unpredictable nature again.
US President Donald Trump hosted the gathering with a handful of well-known crypto executives and relevant members of his administration. He doubled down on his promise to establish a Strategic Bitcoin Reserve and assured that America would follow a “never sell your BTC” plan.
The event proved that Trump’s administration will take the crypto industry seriously. But despite the positive comments, the leading digital asset tanked to $85,300 hours after the summit. It is worth mentioning that some market observers previously warned that the gathering may have a “sell the news” effect.
In the following hours, BTC slightly rebounded to the current $86,100 (per CoinGecko’s data), representing a 2.5% decline on a daily scale.
The asset’s market capitalization has dropped to roughly $1.7 trillion, while its dominance against the altcoins is around 58.2%.
The Alts Suffer, too
Many of the leading altcoins have performed even worse than BTC. Ripple (XRP) has fallen by 5.5% to $2.35, Cardano has slipped by 6% to $0.81, whereas Chainlink (LINK) is down 9%.
Other cryptocurrencies witnessing painful losses include Hedera (HBAR), Sui (SUI), Stellar (XLM), and many more. On the other hand, TRON (TRX), Pi Network (PI), and Litecoin (LTC) are among the very few charting some gains.
The total cryptocurrency market capitalization currently stands at roughly $2.93 trillion, representing a 4% decrease for the day.
