Bitcoin dropped more than 6.5% in the past 24 hours to trade below US$30,000 as the world’s largest cryptocurrency by market capitalization gave up most of the gains made over the U.S. holiday weekend. It was trading at US$29,850 at the time of publishing.
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- The downturn pours cold water on Bitcoin’s chances of posting a weekly gain after nine consecutive weeks of losses.
- While still above its lowest point for the year in late January, Bitcoin is trading down more than 56% from an all-time high of $68,789.63 in November 2021.
- Most other top 10 currencies by market capitalization fell roughly 6% overnight in Asia, as Ethereum fell below the US$2,000 mark it had gained yesterday to trade at US$1,812 at the time of publication.
- Cardano and Solana saw the biggest losses among the top 10, with the former dropping by up to 10% overnight to trade at US$0.56.
- Solana was down 13% to trade at US$39.96 at the time of publishing — trading under the US$40 mark for the first time since early May.
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