Bitcoin Dives Below $64K as Crypto Market Cap Loses $40B

Bitcoin's price has taken a hit, dropping below $64,000 after failing to break above $65,400. This comes as the CLARITY Act's latest setback in the US Senate sent BTC southward toward $64,000. Despite weaker US jobs data earlier in the week, which resulted in another leg up to $65,400, Bitcoin failed to overcome this level and has since retreated.

Ethereum is also down by 2.5% in the past day, struggling below $1,900. Ripple's native token, XRP, has dipped to a 21-month low at just above $1.00, agonizingly close to breaking below this level. Several other larger-cap altcoins have followed suit, including ETH and ZEC.

In contrast, some cryptocurrencies have marked gains within the same timeframe. BNB, TRX, HYPE, DOGE, RAIN, XMR, and LINK have all seen increases in value. Pi Network's native token, however, has dropped below the $0.09 support after another near-5% daily crash.

The cumulative market cap of all crypto assets has erased around $40 billion since yesterday and is down to $2.250 trillion on CG. Peter Schiff used this opportunity to urge investors to sell, but Bitcoin didn't dip any further and now sits at around $64,000 once again.