After a quiet weekend, Bitcoin prices have fallen sharply over the past 12 hours or so, hitting a monthly low of $64,000 amid increased outflows from spot ETFs.
At one point, more than $100 billion evaporated from the crypto market, as most alt currencies crashed as well.
BTC becomes lower
Bitcoin tried to break below the $70,000 level several times last week, but to no avail. The last attempt came after favorable US CPI data was released on Wednesday, causing BTC to soar from under $67,000 to $70,000 in minutes.
However, bears quickly blocked this move after the US Federal Reserve (Fed) announced that it would not cut interest rates, prompting a significant price drop in major cryptocurrencies. By Friday evening, the asset had fallen five grand to $60,500.
The weekend was a bit more positive and calm as BTC hovered just above $66,000. Monday also started calmly, with bulls attempting to rally towards $67,000. However, this was not very successful, and subsequent rejections caused Bitcoin to fall to a monthly low of $64,000, leaving around $500 million in liquidations.
These price declines come amid another outflow of ETFs, this time worth $145.9 million from all such products.
BTC's market capitalization fell below $1.3 trillion, while its dominance over alt currencies rose 0.7% overnight to 52.1%.
Alto sees nothing but red.
BTC's growing dominance amid Bitcoin's correction means alt currencies are falling even harder. This is evident in SHIB, UNI, WIF, etc., all of which are down about 10%.
Solana, Dogecoin, Toncoin, Cardano, Avalanche, and Chainlink are also in the red. DOT is nearing below $6. ETH and BNB are also in the red.
XRP is the only exception for large-cap stocks. Ripple’s native token soared to just over $0.50 amid a market-wide correction.
The market capitalization of cryptocurrencies has plummeted to less than $2.5 trillion in the past day, losing about $100 billion from yesterday's peak.
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