The cryptocurrency market dropped a lot on July 8. The prices of BRETT, PEPE, WIF, and JUP, among others, all dropped by more than 10%. This came after Bitcoin’s value dropped by 4%.
The “Boy’s Club” comic gave rise to BRETT, which is down 8% in the last 24 hours and 30% over the last week. The meme coin trades for about $49.1 million a day, and its market capitalization has dropped to $1.12 billion, making it the 62nd most significant cryptocurrency according to CoinMarketCap (CMC).
Meme coin based on Ethereum The price of PEPE fell the most on Monday morning, down 12% in the last day and 30% for the week. At the time of this writing, $768 million worth of PEPE was traded every day, and the coin’s market value had dropped to $3.47 billion, putting it 24th out of the top 100 cryptocurrencies.
Bitcoin’s Solana Meme Coin WIF Plummets
A meme coin based on Solana WIF fell 11% in the last day and is now worth $1.66. WIF has gone down 27% in the last week. Its daily trade volume went up by 14% to $468 million, but its market value went down to $1.6 billion.
Solana-based decentralized exchange (DEX) Jupiter (JUP) has lost 10% in the last 24 hours and 16% over the last week. Its daily trade volume stayed the same at $109 million, and its market value dropped below $1 billion.
Bitcoin’s 4% drop to $55,676 on Monday caused these other coins to fall too. Bitcoin’s 24-hour low was $54,424 and its 24-hour high was $57,863. Its value has dropped 12% in the past week.
At the same time that Bitcoin’s value dropped, the German government sent 700 BTC to crypto platforms, which is worth about $40.47 million. Germans have been selling their Bitcoin since June, so this is part of a longer-term trend. A blockchain data analytics tool called Lookonchain says that the recent transfer got mixed reactions on crypto Twitter, with some people predicting that the price could drop to around $40,000.
Mt. Gox sent 47,229 BTC worth $2.7 billion to an unknown wallet, which made the market even more unstable and contributed to Bitcoin’s fall. Before it went bankrupt in 2014, Mt. Gox was one of the most prominent digital currency exchanges.
Now it’s about to start paying back its debts, which is making people worry that the influx of Bitcoin could drive prices down even more because debtors may sell their recovered funds right away.
As of July 5, the U.S. government has 213,297 BTC worth $11.72 billion and the German government has 41,226 BTC worth $2.28 billion. Mt. Gox also owns 141,687 BTC, which is worth $7.78 billion.
The overall drop in the altcoin market is closely linked to Bitcoin’s success because Bitcoin has so much power and control over the market. As investor confidence wanes and market sentiment goes bearish, major drops in Bitcoin’s price often cause big drops in the values of many other cryptocurrencies as well.
Even though the market is currently down, some analysts are still hopeful that an altcoin season will start soon.
