Markets
Crypto Markets Lost $100 Billion Overnight While Spot Bitcoin ETF Outflows Reached $146 Million (Market Watch)
After a quiet weekend, the price of bitcoin fell violently over the past 12 hours and fell to a monthly low of $64,000 amid growing outflows from spot ETFs.
More than $100 billion evaporated from crypto markets at one point as most alts also divested.
BTC drops
Bitcoin tried to break down the $70,000 level on a few occasions last week, but to no avail. The latest attempt came after favorable US CPI data was released on Wednesday and BTC soared from under $67,000 to $70,000 within minutes.
However, bears were quick to intercept the move as the US Federal Reserve said it would not cut interest rates and drove a massive price drop for the leading cryptocurrency. By Friday night, the asset had dropped five thousand and dropped to $65.00.
The weekend was a little more positive and calm as BTC remained for just over $66,000. Monday also started calmly, before bulls attempted to climb towards $67,000. However, this was not very successful and the subsequent rejection pushed bitcoin south to a monthly low of $64,000, leaving almost $500 million in settlements.
These price drops came amid another ETF batch exitsthis time value US$145.9 million from all these products.
BTC’s market capitalization fell below $1.3 trillion, while its dominance over alts gained 0.7% overnight to 52.1%.
Bitcoin/Price/Chart 18.06.2024. Source: TradingView
Alts see nothing but red
BTC’s growing dominance amid Bitcoin’s correction means alts have fallen further. This is evident in companies like SHIB, UNI and WIF, which declined by around 10%.
Solana, Dogecoin, Toncoin, Cardano, Avalanche and Chainlink are also in the red. DOT is close to breaking below $6. ETH and BNB are also in the red.
XRP is the only exception of the larger-cap alts. Ripple’s native token has jumped to just over $0.5 amid a market-wide correction.
The total crypto market capitalization fell below $2.5 trillion in the last day, losing around $100 billion since yesterday’s peak.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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