Crypto Market Extends Losses: Bitcoin Dips Below $80,000 Mark

A broad sell-off across the global cryptocurrency market pushed major digital assets into negative territory over the past 24 hours. According to platform data from CoinMarketCap, Bitcoin dropped 1.68% on the day to trade at $79,437.38. The flagship cryptocurrency has lost 3.59% over the past seven days and 5.36% over the last month, dragging its total market capitalization below the $1.60 trillion threshold.

Major altcoins followed the downward trend: Ethereum fell 2.53% to $2,300.21, BNB retreated 1.06% to $735.75, Zcash declined 2.43% to $1,181.69, and Monero slipped 3.75% to $589.63. Additionally, Bittensor shed 1.67% to $248.04, while Solana moved down 2.23% to $100.04. Bucks the broader trend, Quant gained 4.51% to trade at $190.53.

Gold-backed digital assets displayed resilient performance amid market risk aversion: PAX Gold (PAXG) advanced 0.44% to $4,016.89, while Tether Gold (XAUT) rose 0.40% to $4,006.98. The CoinMarketCap 20 benchmark index slipped 1.58% to 161.21 points. Market observers point to mounting selling pressure and institutional caution toward higher-beta assets, prompting selective inflows into defensively positioned tokenized commodities.

N. Tebrizli