Bitcoin (BTC) Collapses to $85K, Aster (ASTER) Crashes by 12%: Market Watch

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The total cryptocurrency market cap stands just north of $3 trillion.

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Summarize with AI

The last 24 hours have not been kind to the crypto bulls as the entire market experienced a sudden and substantial decline.

Bitcoin (BTC) briefly fell to as low as $85,100, while some popular altcoins posted even bigger losses. Aster (ASTER) and Ondo (ONDO) are among the worst performers, with their prices nosediving by double digits.

BTC Bleeds Out

Bitcoin’s consolidation at around $90K did not last long, and several hours ago its price plummeted to a two-week low of nearly $85K. On the surface, it looked like there wasn’t a major factor that had triggered the sell-off, but a deeper look shows some potential reasons.

One of those is the reduced chance that the pro-crypto Kevin Hassett would become the new Chairman of the Federal Reserve. Polymarket now leans towards Kevin Warsh, who has a rather cautious view on the crypto industry and has supported the creation of a CBDC in the United States.

The plunge to approximately $85,100 appears to have been the local bottom (at least for now), as buyers managed to reclaim some lost ground and currently BTC trades around $86,300.

BTC Price, Source: TradingView

Following the recent drop, the asset’s market capitalization tanked to roughly $1.72 trillion, whereas its dominance against the alternative coins stands at 59.2%.

The Alts Suffered More Serious Losses

As it usually happens, the altcoins mimicked BTC’s move, and many of them witnessed even more substantial declines. Aster (ASTER) dropped by 12% on a 24-hour scale to around $0.81, whereas Midnight (NIGHT), Pump.fun (PUMP), Ondo (ONDO), and Worldcoin (WLD) also headed south by double digits.