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BTC Dips Below $52K Amid US Treasury Rumors: Price Analysis

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BTC dips below $52K with the crypto market experiencing a massive price drop as well with ETH dropping to $1940 and BNB to $440 so let’s take a closer look at today’s BTC news today.

Another wild weekend passed on the crypto markets as BTC dips below $52K again, dropping by $9000 in a few hours amidst rumors suggesting the US Treasury Department will change a few financial organizations for laundering money with crypto. The altcoin markets are deep in the red as well with double-digit percentages which drained more than $350 billion from the market cap.

BTCUSD. Source TradingView

The number one cryptocurrency regained over $2000 in value after the Friday price drop and changed hands above $62,000. The situation later changed, especially in the past 24 hours. Rumors started to spread that the US Treasury will change a few financial institutions for money laundering with cryptocurrencies. The agency hasn’t confirmed the news yet but it seems that the FUD caused massive disruptions on the market.

BTC dropped in a few hours from $61K to intraday lows of $51,500 which became the lowest price tag in almost a month and the BTC market capitalization dropped as well to the $1 trillion marks. Despite bouncing off and recovering a few thousands of value to the $56K level while BTC is still more than 10% down on a daily scale.

As It typically happens when there’s more volatility on the market, the altcoins follow along. ETH led this adverse trend with a drop from over $2350 to a low of $1950 and after the $400 dump, ETH recovered and gained some ground near $2200. The rest of the alternative coins’ performance was identical as BNB went from $520 to $440 before bouncing off to $470. On a 24-hour scale all of the other larger-cap altcoins have to market double-digit losses including Ripple which lost 22%, Cardano lost 17%, DOT also 17%, and UNI 17%. Chainlink also dropped by 17%, Doge by 15%, and BCH by 15% as well.

crypto market overview
Cryptocurrency Market Overview. Source Quantify Crypto

The situation, with the lower and mid-cap altcoins, is far worse. BSV lost 30% followed by ETC 25%. Verge dropped by 23%, Horizen by 22%, and Helium by 22% as well with DASH dropping by 21%. EOS eventually dropped by 20%, SIA as well by 20%, and OMG by 18%. The cumulative market cap of all assets dropped by $360 billion but regained some ground and recovered to $2 trillion again.

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