Bitcoin Weakens Near $76,000 as Altcoins Retreat
Global crypto market loses $100 billion in value over the week
Bitcoin is showing technical weakness as it trades near $76,000. The asset is heading toward its fifth consecutive week in the red after failed attempts to maintain levels above $80,000.
Altcoins are facing a sharp devaluation. Assets such as NEAR, BCH, HYPE, and XLM recorded double-digit drops over the past seven days. Coins like XRP, SOL, DOGE, and ADA also accumulated significant losses reaching up to 8.5%.
The total value of the cryptocurrency market shrank by about $100 billion during this period. The current total stands at $2.55 trillion. Bitcoin's dominance in the sector has returned to the 60% level.
External events impacted recent price volatility. A cyberattack against Binance resulted in losses of $6.3 billion in October. The movement triggered an immediate drop in the price of Bitcoin, which fell from $81,000 to $76,000 in a short time.
Bitcoin's instability reflects a rise in global risk aversion that puts pressure on digital assets and increases uncertainty regarding the sustainability of higher price levels.
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