Bitcoin is under pressure, declining to an 11-day low amid expectations of a significant international meeting.
Bitcoin Drops to $115K
After a calm weekend trading mostly around $117,500, Bitcoin sharply dropped to $115,000 on Monday morning, marking an 11-day low. Last week started strong with Bitcoin climbing from $118,000 to over $122,000, reaching a new record of $124,500 on Thursday. However, the following decline was attributed to a negative reaction to the US PPI data for July.
Alts Retreat
Most altcoins followed Bitcoin's decline with notable losses. Ethereum slipped below $4,300 after a 4.5% daily drop, while XRP fell below the crucial $3.00 support level. Other altcoins like SOL, HYPE, and XLM also showed significant declines. Exceptions include LINK and XMR, which recorded minor gains in the last 24 hours.
Market Trends and Expectations
The total cryptocurrency market cap has seen over $100 billion exit, steeply declining to $3.960 trillion. The market is anticipating the meeting between Trump and Zelenskyy, which may impact future trends in the crypto space. Bitcoin maintains a dominance over altcoins at approximately 58%.
The current situation in the cryptocurrency market indicates high volatility and uncertainty, reflected in the price declines, particularly among Bitcoin and altcoins.
