The cryptocurrency market lost around $100 billion in the past 24 hours as Bitcoin’s price retraced entirely from its yesterday pump that was largely induced by the release of President Joe Biden’s executive order on digital assets.
Bitcoin price paints the classic Bart pattern
As CryptoPotato reported yesterday, Bitcoin’s price rose from around $39,000 to over $42,000 in a massive surge that was mainly caused by the release of the long-awaited Executive Order on Digital Assets to be signed by the President American.
The executive order itself detailed a future where both citizens and authorities can benefit from cryptocurrencies but in a sustained and regulated environment – something that many proponents of the industry expected precisely. Nevertheless, the text was friendlier than anticipated, and this resulted in a considerable market pump.
Fast forward 24 hours, however, and the gains are all gone. Bitcoin painted a classic Bart pattern on the charts and returned to where it was trading before yesterday’s surge, as seen in this illustrative chart below:
Markets Bleed $100 Billion
Somewhat expectedly, the broader cryptocurrency market shed some $100 billion while BTC was dropping. Altcoins also dropped, albeit not as considerable.
Although the entire market is painted red, many altcoins have clearly fallen less than Bitcoin. For example, LUNA was down only 0.9%, XRP was down 2.65%, etc.
The biggest gainer over the past 24 hours turns out to be WAVES that’s up 22.5% over the period. It’s followed by RUNE (4%) and SNX (3.7%). On the other side, we have Monero’s XMR losing the most (10.9%), followed by Fantom (10.4%) and HEART (9.8%).
