Just hours before the highly-anticipated event in which Jack Dorsey and Elon Musk will discuss Bitcoin, the asset’s price has bounced off and reclaimed $30,000. Most alternative coins have also reacted positively after yesterday’s crash, with ETH nearing $1,900 and Dogecoin pumping by 7%.

BTC Reconquers $30K

Yesterday was the culmination of several consecutive days of adverse price movements for the primary cryptocurrency. The asset had already lost a few thousand dollars of value in less than a week and was struggling around $31,000.

However, the situation worsened relatively quickly as it dumped below $30,000 and kept falling to an intraday day low of around $29,000 in a matter of hours.

This became BTC’s lowest price point since late June. However, the bulls stepped up at this point and reversed the trajectory. Bitcoin started to reclaim some ground, and it jumped above $30,000 earlier today.

Furthermore, the cryptocurrency kept climbing and went to just shy of $31,000. This comes just hours before one of the most anticipated events in the space scheduled to occur later today.

As previously reported, The ₿ Word, described as a “Bitcoin focused initiative that aims to explain how institutions can embrace Bitcoin,” will see Elon Musk getting back at the table. He will talk about the asset with Twitter’s CEO Jack Dorsey and Ark Investment’s Cathie Wood.

Altcoins’ Recovery Session

Apart from BTC, most of the alternative coins suffered severely yesterday as well. Ethereum went as low as $1,720, which became its lowest price tag in a month as well.

However, the second-largest cryptocurrency has reacted positively after the drop and has added more than $100 of value. As a result, ETH currently stands above $1,850.

Binance Coin also saw a multi-week low, but a 5% increase has driven the asset to $280. On a 24-hour scale, all other larger-cap altcoins are in the green as well.

Those include Cardano (6%), Ripple (2.5%), Dogecoin (7%), Polkadot (7%), Uniswap (4.5%), Bitcoin Cash (4.5%), Litecoin (4.5%), Solana (10%), and Chainlink (5.5%).

Interestingly, THORChain’s RUNE, which was hacked less than a week ago, is the most impressive performer from the top 100 coins with a 22% surge.

Quant (19%), Polygon (18%), Axie Infinity (17%), Dash (15%), Compound (13%), and FTX Token (11%) follow. FTT’s gains come just a day after the exchange behind it raised an additional $900 million.

The cumulative market cap of all cryptocurrency assets has recovered $70 billion in a day to $1.250 trillion.

After unsuccessfully trying to break above $35,000, bitcoin reversed its trajectory once more and dumped by over $2,000 in hours. Most alternative coins are also well in red, with the total market cap losing $100 billion since yesterday’s high.

Bitcoin Dips Beneath $33K

Just a few days ago, during the weekend, the primary cryptocurrency took a swing at $36,000, but it failed and retraced to around $33,000. It went up once more in the following days to approximately $35,000, but more negative information coming from China brought it down by a few thousand dollars again.

However, it seems the Chinese effects have weakened lately, and bitcoin regained all losses relatively quickly. As reported yesterday, it neared and even briefly jumped above $35,000.

Nevertheless, it failed to decisively overcome that particular level as the bears stepped up. In a matter of hours, they intensified the pressure, and BTC lost more than $2,000. As a result, the asset dumped to a daily low of $32,800, which became the lowest price line since July 2nd.

Despite bouncing off and reclaiming $33,000 since then, bitcoin is still more than 4% down on a 24-hour scale, and its market cap is well below $650 billion.

Altcoins in Red

The situation with the alternative coins is similar to a large extent. Ethereum was among the best performers lately, especially after confirmation that the London hard fork will occur in early August. The second-largest crypto pumped to a 3-week high at well over $2,300.

However, ETH has dropped by more than 7% since yesterday and is close to breaking below $2,200 as of now.

Binance Coin has retraced by 5% and is down to $320. Cardano (-4%), Ripple (-5.5%), Polkadot (-5.5%) Bitcoin Cash (-5.5%), and Litecoin (-5.5%) have all gone down by a similar percentage.

Furthermore, Dogecoin (-8.5%), Uniswap (-10%), and Chainlink (-10%) have lost the most from the larger cap alts.

Interestingly, Flow (33%), Stacks (19%), and BakeryToken (11%) have charted impressive gains in this bloody day. Most other lower- and mid-cap altcoins are deep in red as well.

KuCoin Token, which was riding high for several consecutive days, is down by 21% since yesterday. SushiSwap (-13%), Compound (-12%), Synthetix (-12%), Avalanche (-11%), Telcoin (-10%), THORChain (-10%), Horizen (-10%), and PancakeSwap (-10%) complete the double digit price dump club.

Ultimately, the cumulative market capitalization saw $100 billion evaporated from yesterday’s high at one point.