Friday night was a rollercoaster ride for the crypto world, thanks to a spicy report that got everyone buzzing. The king of crypto, Bitcoin, took a wild nosedive, dropping a staggering $3,000 in mere minutes, but managed to claw its way back to a respectable $67,000.
The altcoins didn't fare much better, with the entire crypto market losing a whopping $70 billion overnight. Talk about a Friday night frenzy!
Earlier in the week, Bitcoin was on a hot streak, climbing from $68,000 to a dazzling $69,500, hitting its highest mark since late July. But just as we were popping the champagne, Bitcoin hit a wall and slid back down to $67,000 by Tuesday.
Wednesday brought its own drama as Bitcoin tumbled to $65,000, but those bullish folks weren't backing down. They rallied, pushing Bitcoin back up to nearly $69,000 on Thursday and Friday.
Then, bam! A bombshell report dropped, claiming the US government was investigating Tether. Even though Tether squashed the rumors, the damage was done, and Bitcoin took a $3,000 dive in a flash, hitting $65,500. Talk about a heart-stopping moment!
Now, Bitcoin's trying to steady itself around $67,000, but the volatility left a trail of more than $400 million in liquidations. Yikes! Bitcoin's market cap slipped to $1.320 trillion, but its dominance over altcoins surged to 55.7%.
The altcoins took a beating too, with Ethereum, Binance Coin, Tron, Ripple, Bitcoin Cash, and Cardano dropping 1-3.5% in the last 24 hours. SOL, DOGE, TON, AVAX, LINK, and SHIB faced even bigger losses, with the second-largest meme coin plummeting by 5.3%.
The real heartbreakers, though, were TIA (-14%), APT (-10%), MEW (-10%), KAS (-10%), AR (-10%), GALA (-10%), and JASMY (-9.5%).
All in all, the total crypto market cap took a hit, falling to $2.37 trillion, shedding about $70 billion in just one day. Buckle up, folks, because the crypto ride isn't for the faint-hearted!
