Crypto Black Monday: Bitcoin Lost $700 on Rising COVID-19 Second Wave Fears

The cryptocurrency market cap lost about $18 billion of value since yesterday. Bitcoin plummeted by nearly $700 to $10,300 at one point, while the altcoins have it worse with some vigorous double-digit drops.

Bitcoin Falls Hard

Just a few days ago, Bitcoin attempted to overcome the psychological $11,000 level on two occasions. However, the asset couldn’t succeed on either and remained trading just beneath $11,000.

Yesterday, though, the situation rapidly worsened as BTC began freefalling from about $10,990 to its daily low of $10,296 (on Binance). Since then, Bitcoin has recovered slightly and currently trades around $10,380, which is still a 5% decrease on a 24-hour scale.

Bitcoin’s adverse developments resembled those of other financial markets. The price of gold went from its daily high of $1,960 per ounce to about $1,880 in a matter of hours as well. The precious metal has also regained some ground since then, and it trades above $1,900.

The three most prominent Wall Street stock market indexes also began yesterday’s trading session with significant decreases and closed in the red. The movements followed declining European stocks on the possibility of implementing more stringent restrictions due to rising COVID-19 confirmed cases.

Altcoins Bleed Out

As it typically happens after a vigorous price dip from Bitcoin, most alternative coins followed suit. Ethereum is 9% down since yesterday to $338. Ripple (-6%) fights to stay above $0.23.

Polkadot (-13%) and Binance Coin (-12%) are the most substantial losers from the top 10. Bitcoin Cash (-6%), Chainlink (-8%), Crypto.com Coin (-5%), and Litecoin (-8%) are also deep in the red.

As seen in the above chart, red dominates the entire market. From the lower-cap alts, Uniswap leads the way with a 23% drop, and UNI trades at $4.2. Just a few days ago, Uniswap’s recently launched governance token was at $7.

Elrond follows with a 21% decrease. NEO (-19%), Aragon (-18%), HedgeTrade (-18%), SushiSwap (-18%), Arweave (-16%), Kusama (-16%), Ren (-15%), and Balancer (-15%) are some of the tokens plummeting by double-digit percentages.

In total, the crypto market cap has dropped from yesterday’s peak at $349 billion to about $331 billion as of writing these lines.

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