$100 Billion Evaporated as Bitcoin Price Fully Retraced the Biden Pump (Market Watch)

The cryptocurrency market lost around $100 billion in the past 24 hours as Bitcoin’s price retraced entirely from its yesterday pump that was largely induced by the release of President Joe Biden’s executive order on digital assets.

Bitcoin’s Price Paints Classic Bart Pattern

As CryptoPotato reported yesterday, Bitcoin’s price jumped from around $39,000 to above $42,000 in a massive surge that was mainly caused by the release of the long-awaited executive order on digital assets that’s to be signed by the US President.

The executive order itself detailed a future where both citizens and authorities can benefit from cryptocurrencies but in a sustained and regulated environment – something that many proponents of the industry expected precisely. Nevertheless, the text was friendlier than anticipated, and this resulted in a considerable market pump.

Fast forward 24 hours, though, and the gains are all gone. Bitcoin painted a classic Bart pattern on the charts and retraced to where it was trading before yesterday’s surge, as seen in this illustrative chart below:

Source: CryptoPotato Archives

Markets Bleed $100 Billion

Somewhat expectedly, the broader cryptocurrency market shed some $100 billion while BTC was dropping. Altcoins also dropped, albeit not as considerable.

Source: Quantify Crypto

Although the entire market is painted red, a lot of altcoins clearly declined less than Bitcoin. For instance, LUNA is down only 0.9%, XRP is down 2.65%, and so forth.

The biggest gainer over the past 24 hours turns out to be WAVES that’s up 22.5% over the period. It’s followed by RUNE (4%) and SNX (3.7%). On the other side, we have Monero’s XMR losing the most (10.9%), followed by Fantom (10.4%) and HEART (9.8%).