Bitcoin price falls to monthly low, virtual currency market declines by $50 billion (Market Watch)

Since the U.S. Securities and Exchange Commission (SEC) gave the green light to a number of ETFs last week, Bitcoin prices have continued to fall, dropping to their lowest since mid-December 2023 below $41,000.

The situation with altcoins is very similar, with the market cap of cryptocurrencies dropping by about $50 billion overnight.

BTC falls below $41,000

Last week was a very volatile week as the SEC prematurely approved 11 spot BTC ETFs. On the ETF's first day of operation, the bulls attacked with a big boost, pushing Bitcoin to a nearly two-year high of $49,000. But then a sharp retracement occurred, pushing the asset south by three grand. The next day, the situation worsened, with BTC falling over $7,000 from its local high.

It managed to pick up over the weekend, but then stalled below $43,000 for the next few days. After this unusual lack of movement, the bear stepped on the gas again in the past 24 hours and began another free fall.

This time, Bitcoin fell below $40,800, marking its lowest price position in a month. It's up several hundred dollars to more than $41,000 so far, but it's still down 3.5% on the day.

The company's market capitalization has fallen to $810 billion, but its control over alternatives remains well below 50%.

alternative turn red

The altcoin space is also not blooming, with almost all charts dominated by red. Ethereum is trading below $2,500, down 2.5% after holding above that line for several weeks. Ripple, Cardano, Dogecoin, Polkadot, Tron, Chainlink, Toncoin, and Polygon fell between 1% and 5%.

Solana, Avalanche, ICP, and Uniswap fell 6-9% over the same period. More painful declines include HNT, SI, ENS, LUNC, and AKT, all of which are down double digits in the past 24 hours.

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