Bitcoin plunged to a new 2018 low of $5,787 on June 24, dragging the entire altcoin market into a relentless selloff that wiped nearly $19 billion from total cryptocurrency valuations in just three days. The crash pushed the total market capitalization below $241 billion, a far cry from the $830 billion peak reached just six months earlier.
TL;DR
- Bitcoin hit $5,787 on June 24, its lowest price of 2018, representing a 70%+ decline from December 2017 highs
- Total crypto market cap fell from approximately $260 billion to $241 billion over the weekend
- EOS led losses among top-10 altcoins, plunging 22.42% over seven days
- Ethereum dropped to $457.67, losing 8.43% in 24 hours
- Japan imposed new exchange restrictions on June 22, adding to bearish pressure
Blood in the Water: Altcoins Take a Beating
The weekend of June 23-24, 2018, marked one of the most punishing stretches in what was already a brutal bear market. As Bitcoin carved out fresh lows for the year, altcoins bled even harder. EOS, which had climbed into the top five cryptocurrencies by market capitalization with a valuation of $7.25 billion, suffered a staggering 22.42% weekly decline — the worst performer among the top ten coins by a significant margin.
Ethereum, the second-largest cryptocurrency, wasn’t spared either. ETH traded at $457.67 on June 24, down 8.43% in the previous 24 hours alone and 8.43% over the week. With a circulating supply of over 100 million ETH, the network’s market cap stood at roughly $45.9 billion — a fraction of what it had been at the height of ICO mania just months earlier.
Ripple’s XRP held the third spot at $0.4774, shedding 9.54% over the week. Bitcoin Cash at $749.37 dropped 11.64%, while Litecoin tumbled 15.95% to $80.78. The uniformity of the decline was striking: regardless of individual project milestones, technical achievements, or business partnerships, virtually every major token moved in lockstep with Bitcoin.
EOS: The Hardest Hit Among the Giants
EOS bore the brunt of the altcoin carnage. After its record-breaking $4 billion ICO concluded earlier in June, the token faced intense selling pressure. Trading at $8.09 on June 24 with a market cap of $7.25 billion, EOS had lost nearly a quarter of its value in just one week. The selloff came despite the much-hyped mainnet launch, which had been plagued by technical difficulties and delays in block producer voting.
The contrast between EOS’s massive fundraising success and its price performance highlighted a growing disconnect between project valuations and market sentiment. For a third consecutive day, EOS recorded some of the largest percentage declines among major cryptocurrencies.
Regulatory Headwinds from Japan
Adding fuel to the fire, Japan’s Financial Services Agency (FSA) imposed new restrictions on cryptocurrency exchanges on June 22. The regulatory crackdown came in the wake of the Coincheck hack earlier in the year, which saw the theft of approximately $530 million worth of NEM tokens. Japanese authorities ordered several exchanges to improve their security measures and compliance protocols, potentially constraining investment flows from one of the world’s most active crypto markets.
The Japanese action was part of a broader global regulatory tightening that had been weighing on crypto markets throughout 2018. From the SEC’s aggressive pursuit of fraudulent ICOs to China’s ongoing hostility toward digital asset trading, regulators worldwide were sending a clear message that the wild west era of cryptocurrency was ending.
Tether Manipulation Allegations Linger
The crash also occurred against the backdrop of a damning academic study released earlier in June by University of Texas finance professor John Griffin and co-author Amin Shams. The research argued that at least half of Bitcoin’s meteoric rise in 2017 was fueled by coordinated price manipulation using Tether (USDT), the dollar-pegged stablecoin issued by Bitfinex.
According to the study, large purchases of Bitcoin were systematically made at moments of price weakness using newly minted Tether tokens, effectively propping up the market during downturns. The allegations cast a long shadow over the entire crypto market, contributing to battered investor sentiment and raising fundamental questions about the legitimacy of the previous year’s rally.
Why This Matters
The June 24 crash wasn’t just another down day in a bear market — it represented the convergence of multiple systemic risks that were reshaping the crypto landscape. Regulatory crackdowns in Japan and elsewhere, mounting evidence of market manipulation, the collapse of the ICO bubble, and internal Bitcoin community conflicts all contributed to a crisis of confidence that would take months to resolve.
For altcoins, the event underscored a painful reality: in the absence of mature, independent markets, even the most technically innovative projects remained tethered to Bitcoin’s gravitational pull. EOS’s 22% weekly decline despite its record-breaking token sale demonstrated that hype alone couldn’t sustain valuations when macro sentiment turned negative.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile, and past performance is not indicative of future results. Always conduct your own research before making any investment decisions.
the 6k support held for 3 months then collapsed in a day. everyone who bought the bounce got trapped. classic distribution pattern
the 2018 cycle was the only time i actually saw capitulation in real time. btc bouncing between 5800 and 6200 for weeks felt like watching paint dry in hell
Yuna H. block one raised 4 billion and the token still dropped 22% in a week. dan larimer ghosted and nobody even blamed him because everyone already gave up
EOS dropping 22% in a week after raising $4 billion in their ICO. Karma hits different in crypto.
Going from $830B to $241B in six months. That 70% drawdown was brutal but honestly pretty standard for Bitcoin looking at previous cycles.
japan restricting exchanges on june 22 was the final nail. btc at $5,787 and the $6k support everyone trusted just vanished
japan cracking down was the catalyst but honestly the whole market was leaking since january. btc just couldnt hold 6k and everything followed
btc couldnt hold 6k because there was nothing underneath it. the whole 2018 market was held together by hopium and tether
satoshi_steve isnt wrong. BTC holding 6k was pure hopium. once tether printing slowed down the floor vanished overnight
the Japan restrictions on June 22 were about coincheck not some random crackdown. 580M heist kinda forces regulatory action
Mei Chen the Coincheck 580M heist was the trigger for Japan tightening. regulators react after the damage is done every single time
EOS dropping 22% after raising 4 billion is still one of the most brutal reality checks in crypto history. block one just walked away with the bag
EOS at 22% down after Block One raised 4 billion is still the most MBA thing in crypto history. they literally raised the money and did nothing
Hiroshi K. block one raised 4B and built nothing. dan larimer quit. the EOS community got the worst deal in ICO history and theres no close second
Tomas A. block one raised 4B and literally just… sat on it. EOS holders got the worst deal in ICO history
70% drawdown from $830B to $241B in 6 months. people who survived 2018 are the ones who held through 2022 without flinching
BTC at 5787 was actually the local bottom in june 2018 but it dumped again to 3200 by december. catching falling knives in a bear market is how you lose everything