Pi Network’s PI Token Tanks Hard, Bitcoin Drops $3K From Local Peak: Weekend Watch

Bitcoin’s rejection at $78,400 continues to haunt the asset as it just dipped toward $75,000 following the latest tension escalation on the Middle East war front.

Most altcoins have followed suit, as the total crypto market cap has erased roughly $100 billion since the Friday high.

BTC Drops Toward $75K

The primary cryptocurrency dipped from $73,600 to under $70,500 last weekend after the first peace talks between the US and Iran failed. However, it went on an impressive run by Tuesday evening when it surged to just over $76,000 as reports emerged that the two sides had actually made some progress on finding a more permanent solution.

BTC remained sideways between $73,200 and $75,500 for the next few days before the bulls took complete control of the market and drove it to $78,400 on Friday. This substantial rally to a 10-week high came after Iran’s foreign minister announced that the country had reopened the Strait of Hormuz.

Trump later thanked him and made several other claims that appeared as if the US had the upper hand in the negotiations. However, Iran denied all seven of them, and seemingly closed the Strait on Saturday, which resulted in a price rejection and a subsequent correction. As of now, bitcoin trades more than $3,000 south from its local peak, and more volatility is expected later today when the legacy financial markets start to open.

For now, BTC’s market cap has slipped toward $1.5 trillion on CG, while its dominance over the alts is up to 57.5%.

BTCUSD April 19. Source: TradingView