Crypto Market Plunges: Bitcoin Falls to $83,614 and Ethereum Drops Over 5%
Cryptocurrency markets faced heavy losses as Bitcoin dropped to $83,614 and Ethereum fell over 5%. Dollar-pegged stablecoins remained stable amid the broader market downturn.
The cryptocurrency market is experiencing volatile trading and a strong downward trend, with major coins trading mostly in the red. Bitcoin dropped 3.27% daily to $83,614.1, bringing its weekly decline to 1.39% with a market capitalization of $1.68 trillion.
Ethereum led the sharp downward trend among major assets, weakening by 5.44% over the past 24 hours to $2,565.07. Its weekly loss stands at 5.48%, with a market cap of $314.61 billion. Meanwhile, Binance Coin recorded a daily decrease of 2.31% to trade at $766.40, alongside a weekly drop of 0.92% and a market cap of $102.14 billion.
Ripple also suffered a daily hit, dropping 4.68% to $1.4425, completing a weekly decline of 5.46% and a market cap of $91.34 billion. Conversely, dollar-pegged stablecoins maintained expected stability: Tether USDT edged up 0.08% daily to $1.0006 with a market cap of $184.03 billion, while USDC traded at $1.0002 with a flat weekly performance and a market cap of $74.05 billion.
