Crypto Markets Turn Red: BTC Dumps by $1K in Hours

• Crypto markets have turned red, with Bitcoin (BTC) dumping by $1,000 and most altcoins following the same trend.
• BTC hit a three-week high of $28,500 recently but couldn’t break that level and fell back to around $27,000.
• The total market cap has dropped by over $20 billion in the past day.

Crypto Markets Turn Red

Cryptocurrency markets have turned red today as Bitcoin (BTC) dumped by roughly $1,000 in the last several hours. Very few altcoins are in the green at the moment, with QNT and GRT being among them. The total market cap is down by over $20 billion in a day.

BTC Rejected at $28K

Bitcoin had been charting a three-week high recently at around the $28,000 mark but failed to decisively break this level and consequently dropped hard. This failure resulted in BTC dropping back to around $27,000 from its previous highs of nearly $28,500. Furthermore, most altcoins followed suit and also turned red during this time period.

Stalled at Around $28K

After peaking near the previously mentioned level of nearly $28,500 on Monday morning following an agreement between the US government regarding the debt ceiling issue; BTC stalled at around the same level for several hours before it started dropping again downhill eventually hitting a two-week low below $26,000 before recovering almost all losses by Sunday night.

Recent Price Gains

The recent price gains were driven by news from Monday morning where an agreement was reached between US lawmakers regarding extending US debt limits which allowed for more borrowing capacity while avoiding defaulting on payments. Consequently this caused BTC to shoot up and touch a three-week high at nearly 28k USD before failing to continue further north and retracing back down again towards its current levels of just under 27k USD per coin according to Bitstamp data as of writing this article.

Altcoins Follow Suit

In addition to Bitcoin’s movements; most other altcoins also followed suit turning red during this time period as well resulting in losses across multiple sectors within crypto assets including Ethereum (ETH) which dropped under 1 900 USD per token according to CoinMarketCap data as of writing this article