In the last 24 hours, Bitcoin made another attempt to breach the $38,000 mark, but, as in previous endeavors, it faced formidable resistance.
Several altcoins experienced substantial declines today, with SOL, LINK, MATIC, AVAX, and DOGE each losing more than 5% of their value.
Bitcoin Falters at $38K
Bitcoin’s recent efforts to surpass the $38,000 threshold proved unsuccessful, resulting in an immediate and substantial price rejection last week. This setback drove the cryptocurrency below $36,000, prompting bullish intervention to prevent further declines.
Despite the setback, Bitcoin managed to recover some ground over the weekend, maintaining a tight range between $36,000 and $36,500 for several days. On Monday, a more significant upward movement occurred, propelling Bitcoin to $37,500. Following a brief retracement, BTC attempted another rally in the evening but was halted at $37,800.
BNB Achieves Local Peak
One of the most noteworthy developments yesterday, alongside the SEC’s lawsuit against Kraken, centered on Binance. Reports surfaced suggesting that the company might settle with US regulators for a staggering $4 billion. Despite the monumental figure, this news positively impacted BNB, causing it to surge from $240 to nearly $270 and marking its highest price since early June.
Although BNB has retraced slightly, it remains 4.5% higher on the day, standing out as the sole larger-cap altcoin in positive territory.
Solana, Dogecoin, Chainlink, Polygon, and Avalanche witnessed substantial declines over the past day, losing up to 7% of their value.
A similar trend is observed among lower- and mid-cap altcoins, contributing to a daily loss of approximately $20 billion in the total crypto market cap. Nevertheless, the overall market valuation still stands above $1.4 trillion on CoinMarketCap.
