After a quiet weekend, Bitcoin prices have fallen sharply over the past 12 hours or so, dropping to a monthly low of $64,000 amid growing outflows from spot ETFs.
Most altcoins also plummeted, at one point wiping more than $100 billion from the cryptocurrency market.
BTC is falling
Bitcoin tried to drop below the $70,000 mark several times last week but failed. The last attempt came after favorable U.S. CPI data was released on Wednesday, sending BTC soaring from under $67,000 to $70,000 in a matter of minutes.
However, bears quickly blocked the move after the U.S. Federal Reserve announced it would not cut interest rates, causing the price of the leading cryptocurrency to fall sharply. By Friday evening, the asset had fallen by $5,000 to $65,000.
The weekend was a bit more positive and calm, with BTC hovering just above $66,000. Monday also started quietly, with bulls attempting to rally towards $67,000. However, this was not very successful, and the ensuing rejection saw Bitcoin fall to a monthly low of $64,000, leaving almost $500 million liquidated.
The price drop came amid a new wave of ETF outflows, this time with $145.9 million worth of funds leaving all of these products.
Although BTC’s market cap fell below $1.3 trillion, its dominance over altcoins increased by 0.7% overnight to 52.1%.
The only alternative I can see is red
BTC's increasing dominance amid Bitcoin's correction meant altcoins fell even more sharply, as evidenced by the roughly 10% drop in prices of SHIB, UNI, WIF and others.
Solana, Dogecoin, Toncoin, Cardano, Avalanche, and Chainlink are also in the red. DOT is about to fall below $6. ETH and BNB are also in the red.
XRP is the lone exception among large altcoins, with Ripple’s native token surging to just above $0.5 amid a market-wide correction.
The cryptocurrency market capitalization has fallen below $2.5 trillion over the past day, losing roughly $100 billion from yesterday's peak.
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