$110B Gone From Crypto Markets in 36 Hours as Bitcoin Dives Below $83K: Market Watch

Despite the overall trend, several altcoins have posted major gains over the past 24 hours. Bitcoin’s price descent that began on Wednesday morning continued in the following 24 hours, with the asset dipping to $82,200 for the first time in over two weeks. Most larger-cap altcoins are also in the red today, led by ZEC’s 6% decline, and followed by 3-4% drops from XRP, HYPE, LINK, and others. BTW has defied the trend. BTC Hits 17-Day Low The previous business week ended with intense volatility, especially after the release of the US labor data for September. As the report was weaker than expected, BTC reacted with an immediate leg up and jumped to $87,250. However, the subsequent reaction was quite different and a lot more painful. The cryptocurrency crashed by over $3,000 within a few hours and slipped below $84,000. The asset finally found some support at that level and reclaimed it on Saturday. The bulls tried to break out on Sunday evening and Monday morning, with BTC heading toward $87,000 once again. A familiar rejection scenario repeated, and BTC quickly dipped to $85,000. It rebounded to $86,700, but the following rejection took the bulls by surprise and led to a more profou...