Bitcoin price drops to $77k while altcoins fumbled in double digit

In the huge sell-off driven after Trump’s crypto reserve plan, Bitcoin price has dropped to $77k while altcoins fumbled in double digit.

The crypto market experienced a significant sell-off on Monday, with Bitcoin price dropping to $77,000 and altcoins tumbling by double-digit percentages. The Monday opening in the U.S. stock market brought much volatility into the crypto market as stocks fell in a drastic downturn while Dow Jones dropped 2.08 points.

Bitcoin price dropped to as low as $76,800 in the past 24 hours, recovering from the daily high of $83,740. It is currently trading at $81,530 with a 24-hour trading volume of $59.56 billion.

Following Bitcoin, major altcoins like SOL, XRP, and ETH have declined by over 10% while experiencing a huge downturn. SOL price has fallen below $120 for the first time since March 2024.

Other notable altcoins, including FET, LDO, UNI, and ENA, also dropped by nearly 10%, while ENS, PYTH, THETA, OP, ARB, etc., fell by 7% in the past 24 hours.

According to Coinmarketcap data, the global crypto market cap today sits at $2.66 trillion with a 24-hour trading volume of $156.82 billion.

In other news, the U.S. lawmakers are expected to vote on the bipartisan infrastructure bill this week, which includes a provision that would impose new reporting requirements on crypto mixers.

The bill, which is set to be voted on by the full House on Wednesday, is a $1.2 trillion package that would fund transportation, broadband, and other infrastructure projects.

The provision on crypto mixers is part of a broader effort by lawmakers to crack down on money laundering and other financial crimes. Crypto mixers are services that allow users to mix their cryptocurrency transactions to make them more difficult to trace.

Lawmakers and the administration officials are hoping to get the bill to President Biden's desk by early November.

The Senate passed the bill in August by a vote of 67 to 27. The House is expected to make minor changes to the bill before voting on it this week.

The bill faces some opposition from progressive Democrats, who want the bill to include provisions on climate change and paid family leave. However, these provisions are not expected to be added to the bill.

The House is also expected to vote on a separate bill this week that would extend the debt ceiling and avert a government shutdown.

The debt ceiling bill is expected to be passed with bipartisan support. However, the government shutdown bill could be more contentious, as progressive Democrats are demanding that the bill include provisions on social programs.

The Senate passed a debt ceiling bill in December, but the House did not vote on it until this week. This delay forced the Biden administration to take extraordinary measures to keep borrowing and avert a default.

The administration reached the borrowing limit in December 2021 and has since used accounting maneuvers to buy more time. Officials warned that the Treasury Department may be unable to pay some bills by early November if Congress does not act to increase the borrowing authority.

Meanwhile, in other developments, the crypto derivatives exchange FTX announced today that it will be launching a new product called "FTX Pay" which will allow users to pay for goods and services directly with crypto, without any need for a bank account or credit card.

The product will be available in over 40 countries and will support a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

FTX Pay will also offer low transaction fees and fast processing times. The company says that users will be able to make crypto payments in as little as 15 seconds.

The launch of FTX Pay comes as several other companies are also developing crypto payment products. For example, Visa and Mastercard have both launched programs to allow merchants to accept crypto payments.

The development of crypto payment products is part of a broader trend in the industry to create new use cases for cryptocurrencies and expand their mainstream adoption.output: In the huge sell-off driven after Trump’s crypto reserve plan, Bitcoin price has dropped to $77k while altcoins fumbled in double-digit. The Monday opening in the U.S. stock market also brought much volatility into the crypto market as stocks fell in a drastic downturn while Dow Jones dropped 2.08 points.

As per market data, Bitcoin fell from the daily high of $83,740 to as low as $76,800 in the past 24 hours. It is currently trading at $81,530 with a 24-hour trading volume of $59.56 billion.

Following Bitcoin, major altcoins like SOL, XRP, and ETH have declined by over 10% while experiencing a huge downturn. SOL price has fallen below $1