Bitcoin tried to drop below $38,000 once again in the last 24 hours, but like previous attempts, it was stopped in its tracks.
Most altcoins have fallen heavily today, with SOL, LINK, MATIC, AVAX and DOGE each losing more than 5% in value.
BTC can’t challenge $38K
A failed attempt to conquer the $38,000 line last week resulted in a massive and immediate price rejection that pushed the cryptocurrency below $36,000. Bulls stopped this move and did not allow any further decline.
In fact, by the weekend BTC had recovered somewhat and stood in a tight range between $36,000 and $36,500 for the next few days.
Another notable surge came on Monday when Bitcoin jumped to $37,500. After a brief retracement, BTC went on the offensive once again in the evening but stalled at $37,800.
Despite pushing further south, BTC is still trading above $37,000. Its market cap has remained just under $730 billion, but its dominance on alts has increased slightly to 51.7% on CMC.
BNB sees local peak
Perhaps the most notable news yesterday, besides the SEC’s latest lawsuit against Kraken, involved Binance. Reports emerged that the company could settle with US regulators for a staggering $4 billion. Although this is a huge figure, the news had a positive impact on BNB, which rose from $240 to almost $270 and recorded its highest price since the beginning of June.
BNB has lost some momentum since then, but it is still up 4.5% on the day and is now the only large-cap altcoin in the green.
Solana, Dogecoin, Chainlink, Polygon and Avalanche have suffered huge losses in the past day, losing up to 7% in value.
The scenario for lower and mid-cap stocks is similar. So, it’s no surprise that the total crypto market cap has lost about $20 billion per day, but is still above $1.4 trillion on CMC.
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