Bitcoin\'s Price Volatility: Recovery, Surge, and Drop Amid Mt. Gox News

Bitcoin ended the previous volatile week on a positive note, recovering some recent losses and stabilizing around $58,000. The weekend was anticipated to be quieter, but the failed assassination attempt on pro-crypto US presidential candidate Donald Trump introduced significant volatility.

Bitcoin’s price briefly surged to over $65,000 but dropped by more than $2,000 shortly after news about Mt. Gox emerged.

Meanwhile, many altcoins, especially meme coins, have seen their prices soar by double digits in the past day.

Bitcoin Ended the Previous Volatile Week on a Positive Note, Recovering Some Recent Losses and Stabilizing Around $58,000

Bitcoin had a volatile week last week, largely influenced by the failed assassination attempt on US presidential candidate Donald Trump, who is known for his support for cryptocurrencies.

The news initially caused a surge in Bitcoin's price, which reached $60,000 for the first time in over a week. This rally continued into Monday, pushing the price to $63,000, marking a two-week high. On Tuesday, Bitcoin hit $65,000, recovering over $10,000 since the July 5 crash.

However, the mood shifted dramatically with news about Mt. Gox moving billions in Bitcoin. The market responded with a sharp decline, and within hours, Bitcoin’s price dropped by $2,500 to $62,500. Consequently, its market capitalization fell to $1.234 trillion, and its dominance over altcoins decreased to 51.2%.

Bitcoin's price has been on a roller coaster ride this year, largely due to macroeconomic factors and regulatory concerns. After hitting an all-time high of nearly $70,000 in March, Bitcoin's price crashed to below $40,000 in June.

Since then, the world's largest cryptocurrency has been attempting to regain lost ground, but it faces several challenges, including a potential delay in the rollout of a Bitcoin spot ETF.

Major Altcoins Decline Today, While Meme Coins Post Double-Digit Gains

Most large-cap altcoins have turned negative today after several days of gains. Major cryptocurrencies such as Ethereum (ETH), Solana (SOL), Binance Coin (BNB), Toncoin (TON), Cardano (ADA), TRON (TRX), Avalanche (AVAX), and Polkadot (DOT) are showing losses, with Polkadot’s native token experiencing a notable drop of nearly 5%.

In contrast, meme coins have emerged as the day's biggest winners. Pepe Coin (PEPE) has surged by 16% in the past 24 hours, reaching above $0.000013. OM has shown a similar rise, while Dogwifhat (WIF) and Floki Inu (FLOKI) have increased by 14% and 13%, respectively.

The total cryptocurrency market cap remains above $2.4 trillion, although it has decreased by $50 billion from its peak earlier today.

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