Pi Network’s PI Token Tanks Hard, Bitcoin Drops $3K From Local Peak: Weekend Watch

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Bitcoin’s rejection at $78,400 continues to haunt the asset as it just dipped toward $75,000 following the latest tension escalation on the Middle East war front.

Most altcoins have followed suit, as the total crypto market cap has erased roughly $100 billion since the Friday high.

BTC Drops Toward $75K

The primary cryptocurrency dipped from $73,600 to under $70,500 last weekend after the first peace talks between the US and Iran failed. However, it went on an impressive run by Tuesday evening when it surged to just over $76,000 as reports emerged that the two sides had actually made some progress on finding a more permanent solution.

BTC remained sideways between $73,200 and $75,500 for the next few days before the bulls took complete control of the market and drove it to $78,400 on Friday. This substantial rally to a 10-week high came after Iran’s foreign minister announced that the country had reopened the Strait of Hormuz.

Trump later thanked him and made several other claims that appeared as if the US had the upper hand in the negotiations. However, Iran denied all seven of them, and seemingly closed the Strait on Saturday, which resulted in a price rejection and a subsequent correction. As of now, bitcoin trades more than $3,000 south from its local peak, and more volatility is expected later today when the legacy financial markets start to open.

For now, BTC’s market cap has slipped toward $1.5 trillion on CG, while its dominance over the alts is up to 57.5%.

Alts in Red

Most altcoins have mimicked BTC’s performance over the past day, with losses dominating the charts. Ethereum has dipped toward $2,300 after a 3.5% daily decline, XRP is below the $1.43 resistance, and BNB is back to $620 after similar price drops. SOL, HYPE, ADA, DOGE, LINK, CC, ZEC, and AVAX are also well in the red.

AAVE has dumped the most from the top 100 alts following the KelpDAO hack, plunging by over 20% to $92 as of now. M is down by 18% to $3.50, followed by PUMP and WLD. Pi Network’s native token was rejected at $0.185 yesterday and now struggles below $0.175 after another substantial decline of over 8%.

The total crypto market cap is down by $100 billion since Friday and now sits at $2.620 trillion on CG.