Bitcoin Price Falls as Markets Await Trump and Zelensky Meeting

After a quiet weekend during which bitcoin traded mostly stable around $117,500, the asset sharply fell in the early morning hours to an 11-day low of below $115,000.

Altcoins followed suit as the market braces for greater volatility, with another meeting regarding a potential peace agreement between Ukraine and Russia set to take place.

Bitcoin Slips Below $115,000

Last week started much better than the current one as bulls pushed bitcoin from $118,000 to over $122,000 on Monday. Although the largest cryptocurrency fell on Tuesday, it regained momentum on Wednesday, particularly on Thursday morning when it surged to a new high of over $124,500.

That price increase, while impressive in itself, was short-lived as bitcoin quickly fell to $121,000 and then to $118,000 as U.S. PPI data for July came in higher than expected. The following few days were somewhat slow for bitcoin price movements, even as Trump met with Putin to discuss a possible peace agreement between Russia and Ukraine.

Even the failure to reach an agreement could not shake bitcoin as it spent the weekend trading steadily in a narrow range between $117,000 and $118,000. However, on Monday morning, it fell significantly ahead of today’s meeting between Trump and Zelensky.

Bitcoin’s market capitalization has dropped to $2.3 trillion, while its dominance over altcoins is close to 58% on Coin Gecko.

Altcoins in Correction

Most altcoins followed bitcoin with noticeable price declines. Ethereum fell below $4,300 after a daily drop of 4.5%. XRP fell below the key support level of $3 after a similar decline. SOL, HYPE, XLM, SUI, ENA, PEPE, AAVE, MNT, NEAR, and ONDO recorded even more significant drops.

LINK and XMR are among the few exceptions with minor gains in the last 24 hours.

However, over $100 billion has vanished from the total market capitalization of the crypto market over the past day, with the metric falling to $3.960 trillion.