$35 BLN WIPED OFF CRYPTO MARKETS AS BTC TESTS $10K, ONLY TO RETREAT

The cryptocurrency market is known for its volatility, and recent events have certainly underscored that point.Over a particular weekend, a staggering $35 billion vanished from the crypto market as Bitcoin (BTC) made a tantalizing attempt to breach the $10,000 resistance level, only to be met with a sharp retreat. Bitcoin tests $10kThis sudden downturn left many investors reeling and sparked a wave of uncertainty across the digital asset landscape.This article delves into the details of this market event, exploring the factors that contributed to the crash, the impact on various cryptocurrencies, and what the future might hold for Bitcoin and the broader crypto ecosystem. Former President Donald Trump recently proposed using Bitcoin or a crypto check to pay off the United States government s staggering $35 trillion national debt and avert a looming debt crisis.We'll examine the interplay of technical analysis, market sentiment, and external economic forces that influence these price fluctuations.Understanding these dynamics is crucial for anyone navigating the complex world of crypto investing.

The Weekend Crash: A $35 Billion Market Wipeout

The crypto market experienced a significant downturn over a single weekend, resulting in the loss of over $35 billion in market capitalization. Bitcoin prices plummeted after former President Donald Trump suggested that the cryptocurrency could be used to pay off the country's $35 trillion national debt. The cryptocurrency market hasThis dramatic shift was primarily triggered by Bitcoin's failure to maintain its momentum after approaching the $10,000 mark. Mais de $35 bilh es foram eliminados dos mercados criptos neste fim de semana, uma vez que o BTC n o se estabilizou na casa dos $10K. Not cias 7 de Maio: mais de $35 bilh es foram eliminados dos mercados criptos neste fim de semana, j que o Bitcoin (BTC) quase atingiu a marca de $10.000, recuando apenas no domingo, 6 de maio.The inability to break through this key resistance level led to a wave of selling pressure, impacting not only Bitcoin but also the entire cryptocurrency market.

This kind of volatility is not uncommon in the crypto space, but the speed and scale of this particular correction served as a stark reminder of the inherent risks associated with digital asset investments. U.S. Treasury secretary Janet Yellen could inject up to $1 trillion into markets before the end of 2025 something that one legendary trader thinks would kick off a bitcoin price boomMarket participants closely monitor these movements, as they can provide valuable insights into future price trends and potential trading opportunities.

Bitcoin's Near Miss: Testing the $10,000 Resistance

Bitcoin's flirtation with the $10,000 level was a key catalyst for the market's rollercoaster ride. Crypto is a very interesting thing, Trump told Fox Business. Maybe we'll pay off our $35 trillion dollars, hand them a little crypto check, right? We'll hand them a little bitcoin and wipe outFor many, $10,000 represented a significant psychological barrier.A successful breach could have signaled a bullish continuation, attracting new investors and driving prices even higher.However, the failure to sustain above this level triggered a wave of profit-taking and risk aversion.

The inability to break through resistance is a common phenomenon in technical analysis. The Mt. Gox bankruptcy estate has transferred billions of dollars worth of Bitcoin (BTC) to an unidentified wallet, further exacerbating concerns on declining crypto prices. Data from blockchain analytics firm Arkham Intelligence shows a cold storage wallet belonging to Mt. Gox has transferred 47,228 BTC, worth roughly $2.71 billion, accordingIt often signals that the buying pressure is not strong enough to overcome the existing selling pressure at that price level.This can lead to a period of consolidation or, as in this case, a significant pullback.

Why is $10,000 a significant price point for Bitcoin?

The $10,000 mark for Bitcoin represents more than just a number. Stay updated on the latest cryptocurrency market trends, including Bitcoin dominance, altcoin season, ETF net flows, and real-time market sentiment, all conveniently accessible in one place on CoinMarketCap.It's a significant psychological and technical level for several reasons:

• Psychological Barrier: Round numbers often act as psychological barriers in trading. The weekend has been a painful one for Bitcoin and crypto assets as markets continue to bleed out. A whopping $35 billion has been dumped from cryptoTraders tend to place buy or sell orders around these levels, leading to increased activity and potential price reversals.
• Media Attention: Breaching $10,000 typically attracts significant media attention, potentially bringing in new investors and driving prices higher.
• Technical Significance: $10,000 might coincide with important trendlines, moving averages, or Fibonacci levels, further solidifying its importance as a resistance level.

The Impact on Altcoins: Solana and the Broader Market Downturn

The Bitcoin pullback had a ripple effect across the altcoin market.Many altcoins, which often move in tandem with Bitcoin, experienced significant declines. Bitcoin Bitcoin and crypto prices have moved sharply lower since early June, wiping $300 billion from the combined crypto market (even as the market braces for a $4 trillion watershed moment ).For example, Solana (SOL) faced a 5% decline, reflecting the broader market downturn.This highlights the interconnectedness of the crypto market and the influence Bitcoin holds over other digital assets.

Altcoins are generally considered to be more volatile than Bitcoin, meaning they are more susceptible to price swings during market corrections. The pullback in the crypto markets began when Federal Reserve chair Jerome Powell suggested that the U.S. central bank may cut interest rates far less frequently in 2025 than first thought. Plenty of pain was also inflicted on the stock market, with declines across the S P 500 and tech-heavy Nasdaq 100 in New York, and London's FTSE.Investors often rotate their capital from altcoins to Bitcoin during periods of uncertainty, further exacerbating the downward pressure on altcoin prices.

Analyzing the Causes: Market Sentiment and External Factors

Several factors contributed to the $35 billion market wipeout. The former president said at a recent event that crypto has got a great future and teased the possibility of using Bitcoin and crypto to pay off the nation s $35 trillion debt obligations. This aligns with Trump s previous positive statements about Bitcoin and crypto, as he courts the growing Bitcoin and crypto voter bloc.These include:

• Profit-Taking: After a period of gains, some investors chose to take profits, contributing to the selling pressure.
• Fear and Uncertainty: The inability of Bitcoin to break through $10,000 fueled fear and uncertainty among investors, leading to further selling.
• External Economic Factors: Broader economic conditions and regulatory news can also impact the crypto market.For instance, shifts in interest rate policies or regulatory crackdowns can trigger market corrections.

Understanding these factors is crucial for investors to make informed decisions and manage their risk effectively.Keeping an eye on market sentiment and staying informed about external events can help anticipate potential market movements.

Bitcoin Price Today: A Snapshot of the Current Market

At the time of this writing, Bitcoin (BTC) is trading around $100,880, down approximately 4% from its recent high. Bitcoin [BTC] jumped to $35,500 Tuesday as the widening altcoin rally and risk-on sentiment in traditional markets lifted the total cryptocurrency market's value to a 16-month high.Its 24-hour low was $98,874 and its high was $105,389.The market capitalization stands at $2 trillion, with $100 billion in trading volume and a market dominance of 57.12%. Trump's victory has propelled the bitcoin price higher over the last week as traders bet his administration will mean an easing of U.S. crypto regulations and a change of leadership at regulatoryThis data provides a snapshot of the current market conditions and highlights the ongoing volatility of Bitcoin.

It's important to remember that these numbers are constantly changing.Real-time market data should be consulted for the most up-to-date information.Various websites and platforms provide real-time price charts, trading volumes, and market capitalization data for Bitcoin and other cryptocurrencies.

The Mt.Gox Effect: Billion-Dollar Bitcoin Transfers and Market Concerns

Recent transfers of Bitcoin (BTC) from the Mt. The most recent news about the crypto industry at CCN.com. Latest news about Bitcoin, Ethereum, blockchain, mining, cryptocurrency prices and more.Gox bankruptcy estate to an unidentified wallet have added to the market's anxieties. Former U.S. President Donald Trump has suggested that the government could pay off its $35 trillion national debt with bitcoin.The transfer of 47,228 BTC, worth approximately $2.71 billion, has raised concerns about potential selling pressure.The fear is that these Bitcoins could eventually be released into the market, further depressing prices.

The Mt.Gox bankruptcy has been a long-standing issue for the crypto community. M s de $35 mil millones fueron eliminados de los mercados de criptomonedas este fin de semana, ya que el BTC no pudo romper la resistencia de $10k. Noticias 7 de mayo: m s de $35 millones de d lares fueron eliminados de los mercados de criptomonetas este fin de semana, ya que Bitcoin (BTC) tentadoramente prob la resistencia de $10.000The release of a large amount of Bitcoin from the estate has the potential to significantly impact market prices, at least in the short term.Market participants are closely watching these transfers and trying to assess their potential impact.

Trump's Crypto Comments: Paying Off National Debt with Bitcoin?

Former U.S.President Donald Trump recently suggested the possibility of using Bitcoin and crypto to pay off the nation's $35 trillion debt obligations.This statement, along with his previous positive comments about Bitcoin, reflects a growing interest in the crypto space among political figures.However, influential economist Justin Wolfers has expressed skepticism about Trump's understanding of debt, cryptocurrency, and economics.

Trump's comments highlight the increasing mainstream acceptance of cryptocurrencies.While the idea of paying off the national debt with Bitcoin may be far-fetched, it demonstrates the potential for cryptocurrencies to play a more significant role in the global financial system.

Federal Reserve's Influence: Interest Rate Policies and Crypto Markets

The pullback in the crypto markets also coincides with comments from Federal Reserve Chair Jerome Powell, who suggested that the U.S. central bank may cut interest rates less frequently in 2025 than initially anticipated.This hawkish stance from the Fed can negatively impact the crypto market, as higher interest rates tend to make riskier assets like cryptocurrencies less attractive to investors.

The Federal Reserve's monetary policy decisions have a significant impact on the global financial markets, including the crypto market. The United States government shifted roughly 10,000 Bitcoin to a wallet address ending the letters noe on Aug. 14, at UTC, according to data from Arkham Intelligence.According toChanges in interest rates, inflation targets, and quantitative easing policies can all influence investor sentiment and asset prices. Bitcoin tested $35,000 support into the Nov. 14 daily close as sell-side pressure sparked multiday lows.BTC/USD 1-hour chart. Source: TradingView BTC price sheds $1,000 in an hour. Data fromInvestors should pay close attention to these developments to anticipate potential market movements.

The Role of Market Sentiment: Fear, Greed, and Crypto Investing

Market sentiment plays a crucial role in driving crypto prices. May 7: more than $35 bln dollars were wiped off the crypto markets this weekend, as Bitcoin (BTC) tantalizingly tested the $10,000 resistance, only to May 7: more than $35 bln dollars were wiped off the crypto markets this weekend, as Bitcoin (BTC) tantalizingly tested the $10,000 resistance, only to retrace Sunday, May 6.Fear, greed, and other emotions can influence investor behavior and create significant price swings. Solana (SOL) also faced a 5% decline, reflecting the broader market downturn. Bitcoin Price Today. Bitcoin (BTC) price was down by approximately 4%, trading at $100,880. Its 24-hour low and high were $98,874 and $105,389, respectively. The market cap stood at $2 trillion, with $100 billion in trading volume and a market dominance of 57.12%.During periods of market uncertainty, fear can drive investors to sell their holdings, leading to price declines. As the crypto market continues to fall, the market cap of all cryptocurrencies has slipped just below $1.5 trillion, according to data from metrics site Nomics. This marks a 9% decrease in the past 24 hours, a 35% decrease in the past week, and a sharp decline from all-time highs of about $2.5 trillion achieved close to the start of the month.Conversely, during bull markets, greed can drive investors to buy, leading to price increases.

Understanding market sentiment is essential for successful crypto investing. If you re a recent entrant into the world of crypto and crypto investing, you ll not be pleased by today s Market Watch. Global market cap took a sharp downturn over the last 24 hours, dropping 6.7% or $35 billion according to data company Nomics. Markets are down. IMAGE: NomicsInvestors should avoid making impulsive decisions based on emotions and instead focus on fundamental analysis and risk management.Indicators like the Fear & Greed Index can provide insights into the prevailing market sentiment.

Navigating Crypto Volatility: Tips for Investors

The cryptocurrency market is inherently volatile, and investors need to be prepared for price swings.Here are some tips for navigating crypto volatility:

• Diversify your portfolio: Don't put all your eggs in one basket.Diversify your investments across different cryptocurrencies and asset classes.
• Use stop-loss orders: Stop-loss orders can help limit your losses during market downturns.
• Do your own research: Don't rely solely on the opinions of others. More than $35 bln dollars were wiped off the crypto markets this weekend, as BTC failed to break the $10k resistance. ビットコインは1万ドル目前に迫ったが下落、仮想通貨市場は350億ドルを失うConduct your own research before investing in any cryptocurrency.
• Stay informed: Keep up to date with the latest news and developments in the crypto market.
• Invest for the long term: Don't try to time the market.Focus on investing for the long term.
• Manage your risk: Only invest what you can afford to lose.

Looking Ahead: The Future of Bitcoin and the Crypto Market

Despite the recent volatility, the long-term outlook for Bitcoin and the crypto market remains positive. The crypto market began crashing on Sunday as Japan stocks sold off due to the unwinding of the massive Japanese yen carry trade. The carry trade, in which investors borrow in a currency with lowThe increasing adoption of cryptocurrencies, the development of new technologies, and the growing interest from institutional investors all suggest a bright future for the digital asset space.

However, it's important to acknowledge that the crypto market is still in its early stages and faces several challenges, including regulatory uncertainty and technological risks.Investors should proceed with caution and be prepared for continued volatility.

What are the potential catalysts for future crypto growth?

1. Increased Institutional Adoption: More institutions adding Bitcoin or crypto to their balance sheet or investment products can increase demand.
2. Regulatory Clarity: Clear and favorable regulations can legitimize the industry and attract new investors.
3. Technological Advancements: Improvements in scalability, security, and usability can drive wider adoption of blockchain and cryptocurrencies.
4. Macroeconomic Factors: Inflation or economic instability can drive people to alternative assets like Bitcoin.
5. New Use Cases: Innovative applications of blockchain technology can create new demand for cryptocurrencies.

Understanding Bitcoin Dominance and Altcoin Season

Bitcoin dominance, which is the ratio of Bitcoin's market capitalization to the total cryptocurrency market capitalization, is a crucial indicator of the market's overall health. Bitcoin s decline since that November high has wiped out more than $600 billion in market value, and over $1 trillion has been lost from the aggregate crypto market. While there have been much larger percentage drawdowns for both Bitcoin and the aggregate market, this marks the second-largest ever decline in dollar terms for both, accordingDuring periods of high Bitcoin dominance, investors typically flock to Bitcoin as a safe haven. $35 Bln Wiped Off Crypto Markets As BTC Tests $10k, Only To RetreatWhen Bitcoin dominance decreases, it often signals the start of an ""altcoin season,"" where altcoins outperform Bitcoin.

Monitoring Bitcoin dominance can help investors make informed decisions about their portfolio allocation. Influential economist Justin Wolfers recently expressed skepticism about the understanding of debt, cryptocurrency, and economics by former U.S. President Donald Trump. What Happened: Wolfers, whoA rising Bitcoin dominance may suggest a more conservative approach, while a declining Bitcoin dominance could indicate opportunities in the altcoin market.

The Importance of Staying Updated on Crypto Market Trends

The cryptocurrency market is constantly evolving, with new trends, technologies, and regulations emerging regularly. Robinhood stock vs. Coinbase stock: which crypto broker is the better buy? 17 minutes ago Sui price down 14% in a week as ETF uncertainty and macro risks hurt sentiment 41 minutes ago Circle IPO debuts strong as CRCL gains over 120% on day 1 Tether expands presence in Africa with investment in Shiga Digital XRP holds key support: is a new bullish trend forming?Staying updated on these developments is crucial for investors to make informed decisions and manage their risk effectively. May 7: more than $35 bln dollars were wiped off the crypto markets this weekend, as Bitcoin (BTC) tantalizingly tested the $10,000 resistance, only to retrace Sunday, May 6. Total marketResources like CoinMarketCap and other crypto news outlets provide valuable information about market trends, Bitcoin dominance, altcoin season, ETF net flows, and real-time market sentiment.

By staying informed, investors can anticipate potential market movements, identify new opportunities, and avoid costly mistakes. According to Coingecko data, a hawkish stance from the US Fed saw the crypto AI sector valuation plunge below the $35 billion mark on Thursday, reflecting 16.5% losses and outpacing the marketIt's essential to approach crypto investing with a long-term perspective and a commitment to continuous learning.

Conclusion: Navigating the Crypto Rollercoaster

The recent $35 billion market wipeout serves as a reminder of the inherent volatility of the cryptocurrency market. Here's Why Crypto Market Lost $1.6 Billion in Hours BTC/USD-0.45%. Ethereum US Dollar-0.06%. the market sell-off started on Coinbase as traders began selling about an hour before the majorBitcoin's failure to break through the $10,000 resistance level triggered a wave of selling pressure, impacting not only Bitcoin but also the entire crypto ecosystem.External factors, such as Federal Reserve policies and Mt.Gox Bitcoin transfers, also contributed to the market downturn.

While the crypto market can be unpredictable, investors can navigate the volatility by diversifying their portfolios, using stop-loss orders, doing their own research, and staying informed about market trends.By approaching crypto investing with a long-term perspective and a commitment to risk management, investors can potentially benefit from the growth of this exciting and innovative asset class.Understanding that market sentiment is key and focusing on building your knowledge base is paramount.