Cryptocurrency markets are in turmoil again as Bitcoin (BTC) plunged to an 11-day low on Monday, just hours before a crucial meeting between former US President Donald Trump and Ukrainian President Volodymyr Zelenskyy. The sharp drop comes after a relatively quiet weekend, during which BTC traded flat at around $117,500.
The previous week saw a significant surge in Bitcoin prices as it surged above $124,000 for the first time in history. However, the performance was short-lived. Higher-than-expected US Producer Price Index (PPI) data for July led to massive selling pressure, sending BTC to $118,000. Despite the lack of progress between Trump and Putin on Ukraine-Russia peace talks, BTC prices remained stable through Monday.
Ahead of the new Trump-Zelenskyy meeting, BTC continued to decline towards $115,000. The decline also dragged major altcoins such as Ethereum (ETH), XRP, and Solana (SOL) to fall as well. ETH is currently below $4,300 after a 4.5% decline, while XRP lost important support below $3.00. Only a few tokens such as LINK and XMR managed to post a slight increase in the past 24 hours.
As a result of this widespread fall, the total value of the crypto market has shrunk by more than $100 billion in a day, bringing the total down to $3.960 trillion according to CoinGecko. Market volatility is expected to continue as global geopolitics and US economic policies are now directly affecting the digital asset market, which was previously considered immune to external factors.
