Bitcoin price drops to monthly low, crypto market loses $50 billion (MarketWatch)

Bitcoin prices have continued to fall since the U.S. SEC approved a series of ETFs last week, dropping below $41,000, their lowest since mid-December 2023.

The situation for altcoins was very similar, with the cryptocurrency market capitalization dropping by roughly $50 billion overnight.

BTC Drops Below $41,000

Last week was a very volatile one as the SEC approved 11 spot BTC ETFs. The bulls stormed in with great force, sending Bitcoin to a nearly two-year high of $49,000 on the day the ETFs went live. But then a sharp pullback occurred, with the asset dropping $3,000. The next day, things got worse, with BTC down more than $7,000 since its peak.

It recovered somewhat over the weekend, but then stalled below $43,000 for the next few days. After this unusual lack of movement, the bears stepped on the gas again over the past 24 hours, and the price began to plummet again.

This time, Bitcoin fell below $40,800, hitting its lowest price in a month, and is currently up several hundred dollars to over $41,000, but is still down 3.5% from the previous day.

Its market capitalization has fallen to $810 billion, and its dominance over alternative currencies is well below 50%.

Alternatives turn red

The altcoin market is also not doing well, with almost every chart dominated by red. Ethereum is down 2.5% and trading below $2,500 after spending several weeks above that level. Ripple, Cardano, Dogecoin, Polkadot, Tron, Chainlink, Toncoin and Polygon are all down between 1% and 5%.

Solana, Avalanche, ICP, and Uniswap all fell between 6-9% over the same period. Even bigger declines were seen in coins like HNT, SI, ENS, LUNC, and AKT, all of which saw double-digit drops in the past 24 hours.

The cumulative market capitalization of all crypto assets fell by $50 billion in one day, dropping to $1.63 trillion on CMC.