Crypto Market Plunges as Bitcoin Dives Below $63K

The cryptocurrency market is experiencing another downturn, with its market capitalization falling by 1% over the past 24 hours. This brings it back to levels last seen in mid-July, after a brief period of positive momentum that failed to hold.

Bitcoin has been leading the decline, dropping below $63K and dragging the rest of the market down with it. A tentative rebound on Sunday proved short-lived, and the price remains below its 50-day moving average.

The slump is not just a coincidence, it's part of a broader trend of negative correlation between cryptocurrencies and equities. While shares are rising, crypto prices are falling. This could be becoming the new norm.

Seasonal trends don't offer much hope for Bitcoin either, with August being considered one of its worst months over the past 15 years. The average decline is around 13.8%, while the average gain is a mere 14%.

In other news, the company behind the stablecoin Tether, has seen its excess reserves halve over the quarter to $4.11 billion. However, the number of users has exceeded 650 million, and the volume of T in circulation rose by $446 million to $184.6 billion.