Hassan Maishera
TL;DR
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Bitcoin lost more than 1% of its value on Monday and trades below $64k.
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The broader market has turned bearish following last week’s positive performance.
Bears Return as BTC Dips Below $64k
The cryptocurrency market performed well last week, with most coins and tokens increasing by roughly 8%. However, the bears have returned, as Bitcoin is underperforming for the second consecutive day this week.
Bitcoin has lost over 1% of its value over the last 24 hours and is now trading below $64k per coin. At press time, it was trading at $63,843, but it could dip lower if the bearish trend continues.
There are no major catalysts behind this negative performance, as Bitcoin could simply be retracing following last week’s rally. Market analysts believe that the selection of a new Prime Minister in Japan triggered a Yen surge, resulting in a 5% decline in Japan's Nikkei stock average. The selloff spread to Bitcoin, losing over 2% of its value over the last 48 hours.
XRP and DOGE are the worst performers amongst the top 10 cryptocurrencies by market cap, losing more than 4% of its values in the last 24 hours.
Despite Bitcoin’s underperformance, TRON added 1% to its value and overtook Cardano to become the 10th largest cryptocurrency by market cap.
With the mixed performances recorded amongst the leading coins, the total cryptocurrency market cap dipped to $2.25 trillion, down 1% today.
