Written by 8:48 am Bitcoin

Bitcoin Sharply Rejected at $20K Following Friday’s Wall Street Collapse (Weekend Watch)

Bitcoin tried its hand at taking down $20,000 but was stopped in its tracks once more and has retraced by almost a grand.

The altcoins are back in red after yesterday’s massive gains. This all came following the bloody Friday on Wall Street.

Bitcoin Stopped at $20K

The primary cryptocurrency was quite calm lately, but that all changed when the US announced the latest CPI numbers. BTC stood at $19,000 before it violently dropped to a multi-week low of $18,200. However, that was just the start of the rollercoaster as the asset skyrocketed by almost $2,000 and touched $20,000 hours later.

This became its highest price tag in about a week but didn’t last for long. Instead of reclaiming that level, the bears came out to play and pushed BTC south hard. As such, the cryptocurrency found itself slipping back down to $19,000.

Its market capitalization has dipped below $370 billion once more, while its dominance over the altcoins has seen a slight correction but still stands north of 40%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

These adverse price developments mimicked the events on Wall Street. After a relatively positive week, the most prominent US stock indexes – such as the S&P 500, Nasdaq, and the Dow – all closed Friday with up to 3% daily declines.

Alts Back in Red

The landscape with the alternative coins was quite bullish yesterday, with several impressive gainers from the likes of Ripple, MATIC, Avalanche, and others.

However, most have followed BTC south now. Ethereum jumped to $1,350 24 hours ago, but a minor retracement since then has pushed it to below $1,300.

Ripple, Cardano, Polkadot, Dogecoin, Shiba Inu, MATIC, and Uniswap have all declined by up to 5% in a day. Solana has slipped below $30 after a similar daily decrease.

Interestingly, Tron’s native cryptocurrency is the only apparent exception from the larger-cap alts. TRX has jumped by over 5% and trades close to $0.065.

Nevertheless, the cumulative market cap of all crypto assets has seen roughly $30 billion gone in a day and is down below $920 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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