Crypto Brief: Bitcoin Traders Lose $100M as BTC Drops $3K in 12 Hours

According to recent market coverage, bitcoin fell nearly $3,000 on July 31, dropping to an intraday low of $62,369 and slashing its monthly gain from 10% to 4.5%.

Bitcoin tumbled on the last day of July, shedding nearly $3,000 during a frantic 12-hour period that saw the digital asset slide toward a two-week low.

The plunge, a reversal from Thursday’s quote action, significantly altered bitcoin’s trajectory toward a double-digit monthly gain that had looked certain 24 hours earlier.

As shown by 24-hour market data, the cryptocurrency initially traded just off $65,000 as it looked poised to maintain momentum stemming from the Federal Reserve’s decision to leave interest rates unchanged.

In fact, roughly three hours before midnight, bitcoin breached the threshold on its way to an intraday peak of $65,340.

However, that was the last time it traded at those levels, as a sharp sell-off wave erased nearly all of its gains from the preceding 24 hours.

Bitstamp data show that after a gradual decline to just under $63,600, a sharp sell-off lasting less than an hour dragged bitcoin to $62,369, its lowest since July 17.

While a relief rally brought it back from the brink of dipping below $62,000, the recovery failed to trim much of its earlier losses, leaving it with a daily loss of approximately 3%.