The economic uncertainty in the US pushed bitcoins price south hard in the past day or so, and the asset plunged to $60,500 for the first time in almost three weeks.

The altcoins are in an even worse state, with SOL, TON, and UNI plummeting by over 5% in the past day. ETH has slipped below $3,000.

BTC Sees 3-Week Low

The start of the business week couldnt have foreseen what transpired just several days later. The asset soared to $70,000 on Monday after Donald Trumps triumphant attendance at the 2024 Bitcoin Conference in Nashville.

However, it was swiftly rejected at that 7-week peak and driven south by four grand almost immediately. After a brief calmness on Tuesday and Wednesday, the bears resumed control on Thursday and Friday and initiated a few leg-downs that ultimately culminated in a price plunge to $60,500 late last night.

This became the cryptocurrencys lowest price point since July 14. The declines could be mostly attributed to uncertainty in the US economy, as Fridays weak job report indicated the highest unemployment rate since October 2021, which was 4.3%.

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Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours! This resulted in a shockwave among investors who withdrew millions of dollars from the spot Bitcoin ETFs, while Wall Street crashed hard as well.

As of now, BTC has recovered some ground and stands close to $62,000. Its market cap has plunged to under $1.220 trillion, while its dominance over the alts is near 53%.

Bitcoin/Price/Chart 03.08.2024. Source: TradingView

Alts Bleed Out

The alternative coins have followed and even surpassed BTC on the way south. Ethereum has seen 5% of value gone in a day and has slipped below $3,000. BNBs daily loss is similar and the asset is under $550 now.

Even more painful declines come from the likes of Solana (-5%), Toncoin (-6%), and Uniswap (-5.5%). Further losses come from FLOW (-12%), MKR (-9.5%), WIF (-9%), JUP (-9%), ONDO (-9%), and others.

The cumulative market cap of all crypto assets has dumped to $2.3 trillion. This means that the metric is down by $100 billion since yesterday and $150 billion in the past two days.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

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Cryptocurrency charts by TradingView.