Market Watch: Bitcoin Steady at $119K as Altcoins Pull Back
Main Idea
Bitcoin's price remains stable around $119,000, with market volatility expected due to an upcoming Federal Reserve meeting, while some altcoins like PEPE and SUI experience significant losses.
Key Points
1. Bitcoin's price is trading around $119,000, with a 24-hour movement close to 0%.
2. A sell-off by Galaxy Digital of 80,000 BTC contributed to a two-week low of $114,500.
3. BTC briefly rose to nearly $120,000 but faced resistance and dropped to $117,500 before recovering slightly.
4. Altcoins like PEPE, AVAX, and SUI saw significant losses, with ENA dropping 10% daily.
5. The total crypto market cap briefly reached $4.050 trillion but has since lost over $50 billion.
Description
Bitcoin’s price actions have remained relatively still on a 24-hour scale as the asset continues to trade around $119,000. At the same time, many altcoins have posted notable price retracements, such as SUI, which is down by 6%, and PEPE. BTC Calms at $119K Driven mostly by a significant sell-off initiated by Galaxy Digital for a third-party for 80,000 BTC, the primary cryptocurrency’s price slumped hard last Thursday and Friday and bottomed at a two-week low of $114,500. After the sale was comp...
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