Bitcoin Drops to $95k, Altcoins Nosedive as Market Sentiment Turns Bearish

While showing signs of recovery above $100,000, Bitcoin has now failed to catch up with the price uptrend and fell to $95k during early trading hours.

Bitcoin price dropped below $95,000 during early trading hours on Monday, as the coin failed to catch up with the recent price uptrend.

The world’s largest cryptocurrency by market cap was trading at $94,833 by 00:35 ET (04:35 GMT), down 5.1% on the day. BTC/USD had fallen from highs of $100,188 in the previous session.

Bitcoin price now below $95k as FED chair denies launching CBDC

The drop in Bitcoin price comes as the FED chair Jerome Powell denies launching of a Central Bank Digital Currency (CBDC) until he is incharge. Besides, the recently turned bearish market sentiment further fueled selling.

As Bitcoin loses its momentum, several altcoins have shrunk significantly in price downtrend with ENA, CRV, TIA and TAO dropping most. Most of the top 100 crypto assets are currently down over 9%, losing all gains from the past day.

Major altcoins – including SOL, DOGE, XRP, LINK, ADA and AVAX – have taken a major hit with all downtrading at the price drop of nearly 6% in the past 24 hours.

According to Coinmarketcap data, the crypto market cap has today dropped 3.1% to $3.14 trillion. The 24 hour trading in crypto currently sits at $101 billion.

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