Markets
Crypto Markets Lost $100 Billion Overnight as One-Time Bitcoin ETF Outflows Hit $146 Million (Market Watch)
After a quiet weekend, Bitcoin price headed violently south over the past 12 hours and fell to a monthly low of $64,000 amid increasing outflows from spot ETFs.
Over $100 billion has evaporated from crypto markets at one point as most alternatives have also been heavily dumped.
BTC drops
Bitcoin attempted to break down the $70,000 level several times last week, but to no avail. The latest attempt came after favorable US CPI data was released on Wednesday and BTC rose from below $67,000 to $70,000 in a matter of minutes.
However, the bears were quick to intercept the move as the US Federal Reserve declared that it would not cut interest rates and caused a massive drop in the prices of the leading cryptocurrency. By Friday evening, the asset had dropped five thousand dollars and was down to $65,000.
The weekend was a little more positive and calm since BTC stood at just over $66,000. Monday also started quietly, before the bulls attempted to climb up to $67,000. However, this did not see much success and the subsequent rejection pushed Bitcoin south to a monthly low of $64,000, leaving almost $500 million in the stock market. liquidations.
These price drops came amid another batch of ETFs exitsthis time value $145.9 million from all of these products.
BTC’s market cap fell below $1.3 trillion, while its alt dominance gained 0.7% overnight to 52.1%.
Bitcoin/Price/Chart 06/18/2024. Source: TradingView
Alts only see red
BTC’s growing dominance amid Bitcoin’s correction means alts have fallen even harder. This is evident from companies like SHIB, UNI and WIF, which are all down around 10%.
Solana, Dogecoin, Toncoin, Cardano, Avalanche and Chainlink are also deep in the red. DOT is on the verge of breaking below $6. ETH and BNB are also in the red.
XRP is the only exception to the larger-cap alternatives. Ripple’s native token surged to just over $0.5 amid a market-wide correction.
The total crypto market capitalization fell to less than $2.5 trillion over the past day, losing around $100 billion since yesterday’s peak.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.