In another attempt to recover some of the recent losses, bitcoin tried its hand at $26,000 but failed in its tracks, at least for now.
Bitcoin Stopped at $26K
It’s safe to say that the past seven days didn’t go well for bitcoin and the rest of the market. It all started on Monday when the US SEC launched a lawsuit against Binance that drove BTC south from $27,000 to $25,500. As the asset was trying to recover, the SEC did it again on Tuesday – this time, the regulator sued Coinbase.
Bitcoin slumped once more but, somewhat surprisingly, bounced off quite spectacularly and surged by $2,000 to $27,400. This momentum was stopped once again, and BTC retraced toward $26,500, where it spent the next few days.
However, another market correction arrived on Friday night and Saturday morning, which drove the cryptocurrency back down to $25,500. More volatility followed during the weekend, and BTC tried to reclaim $26,000 but has been unable to, at least for now.
As such, its market capitalization stands still at $500 billion, while its dominance over the alternative coins is close to 48% after falling below 46% just a few weeks back.BTCUSD. Source: TradingView
Several altcoins, which the SEC named as unregistered securities in its lawsuits, were harmed the most in the past week. Expectedly, one of them is BNB – the native cryptocurrency of Binance.
BNB stood above $310 last week but slumped below $300 almost immediately. The nosedive continued during the week, the weekend, and in the past 24 hours. As such, the asset dumped to just over $220 hours ago, which is its lowest price position in six months.
Despite the massive volatility for some assets, the total crypto market cap has remained relatively still at $1.150 trillion.Cryptocurrency Market Overview. Source: Quantify Crypto