Most altcoins are also in the red today, with DOGE, SUI, ADA, LINK, TRX, and AVAX posting big losses.
BTC Stopped at $110K
After last Friday’s violent correction amid the rising tension between US President Trump and former ally Musk, when BTC plunged below $100,500, the primary cryptocurrency was actually going strong for a while. It managed to recover all losses by the weekend and started to gain traction at the start of the current business week.
Bitcoin spiked to $110,500 on a few occasions as the week progressed, and the latest example came yesterday when the asset came just over a grand away from tapping a new all-time high.
The macroeconomic scene improved as the POTUS said Washington and Beijing are very close to a trade deal, while the US CPI data for May was more favorable than expected. However, BTC failed to keep climbing and was quickly stopped at the $110,000 mark and pushed south by over $2,500.
As of now, it still trades below $108,000, and its market cap has slumped to $2.140 trillion. Its dominance over the alts stands still at 61% on CG.
Alts in Retreat
Most altcoins registered impressive gains in the past several days, so it’s rather expected that red dominates the charts today. Ethereum, which recently painted a multi-month peak, is down by just over 1% and trades at $2,750. XRP has lost the $2.3 line and is below $2.25 after a 4% daily decline.
Even more painful declines come from the likes of DOGE, TRX, SOL, ADA, SUI, LINK, and AVAX, with daily drops of up to 6-7%.
SPX is once again the top gainer today, having surged by almost 9%, while JUP, FET, and SEI lead in terms of value lost.
The total crypto market cap has shed over $70 billion and is down to $3.510 trillion on CG.
The post Bitcoin Rejected at $110K Despite US-China Trade Deal and Favorable CPI Numbers: Market Watch appeared first on BitcoinLinux.
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Author: NixCoin