PI Nears Record Low as Bitcoin Rebounds to $59K

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MemeCore has crashed hard over the past 24 hours, dumping by well over 70%.

Bitcoin’s price troubles only accelerated yesterday as the asset dipped toward $59,000 for the second time in June before it finally rebounded to over $61,000 as of now.

Most larger-cap alts followed the ride south and have remained in red now. ETH is down to $1,650, while XRP is well below $1.10.

BTC Rebounds After Latest Crash
After the price decline at the end of the previous business week, in which BTC slipped from $66,400 to $62,400 in just a couple of days after the latest FOMC meeting, the cryptocurrency rebounded swiftly. It tapped $64,000 during the weekend and rocketed to $65,600 on Monday in a rare major uptick.

The bears were quick to intervene, though, and halted the asset’s progress. Bitcoin dipped back down to under $63,000, where it stood for about 24 hours. Then came another crash that drove BTC south hard. In the span of just several hours, the cryptocurrency plummeted from around $63,000 to under $60,000 for the second time this month.

It lost about $4,000 of value and dipped to $59,050 (on Bitstamp), which became its lowest price tag in nearly two years. This crash coincided with MSTR’s 10% drop as the rocky relationship between the two continues. The bulls finally stepped up after such a painful drop, and BTC has rebounded by well over two grand, currently sitting above $61,500.

Its market cap is back to $1.235 trillion on CG, while its dominance over the alts stands at 56.1%.

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