Markets
BTC Price Retreats to $66,000 as Bitcoin Spot ETFs Break Inflow Streak (Market Watch)
On a day when all eyes were on Ethereum due to the launch of numerous spot ETFs tracking ETH, the price of bitcoin fell from over $67,000 to below $66,000 before recovering to the latter.
Avalanche and FET were the biggest decliners among large and mid-cap alts, while PEPE and MKR were the biggest gainers.
Bitcoin drops to $66,000
The largest digital asset saw a decline Friday morning, hitting a multi-day low below $63,500. However, it rebounded in the hours that followed, especially on Saturday, and jumped to just over $67,000.
While weekends are typically less volatile, this one wasn’t due to larger political developments on the US presidential election front. Joe Biden announced that he would be withdrawing from the 2024 race, which caused the BTC price to immediately drop by $2,000 on Sunday.
However, the asset skyrocketed by over $3,000 on Monday and hit a six-week high of over $68,400. Nevertheless, it failed to sustain its run and abandoned to $66,000 yesterday. More volatility occurred when spot Ethereum ETFs went live for trading yesterday, but the bears eventually took over.
They pushed bitcoin below $65,600 a few hours ago, but the asset has managed to regain some ground and is now just inches above $66,000. These declines came as Bitcoin spot ETFs saw nearly $80 million in outflows, breaking the positive 12 consecutive days.
Its market cap has dropped to $1.3 trillion on CG, while its dominance over alts remains at 51.7%.
Bitcoin/Price/Chart 24.07.2024. Source: TradingView
ETH on Ethereum Day Spot
As mentioned above, the community has been focused on Ethereum due to the launch of nearly ten ETH spot ETFs in the US within a few months of their initial approval. The underlying asset initially faced some volatility, dropping from over $3,500 to $3,400. However, it has since calmed down to $3,450.
Solana, Dogecoin, Avalanche, Chainlink, and FET are among the worst performers among large-cap alts today, while PEPE and MKR are the biggest gainers.
The others are less volatile today. The total market cap of cryptocurrencies has declined by about $30 billion and fallen to $2.52 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.