The largest spot Bitcoin ETFs in the US have been experiencing positive inflows recently, yet the price of the underlying asset took a major hit yesterday. Despite this setback, Bitcoin is currently hovering close to the $67,000 mark once again. In the past day, most altcoins have recorded significant losses, with AVAX, DOT, INJ, and ADA leading the pack.
Bitcoin’s Rollercoaster Ride
Bitcoin had a turbulent end to the previous business week as it struggled to maintain a position above $65,000 and eventually dropped to $63,000. However, it managed to bounce back on Friday evening and Saturday morning, surging to $67,500. Following a minor dip, the price stabilized on Sunday morning. The market was then hit with more uncertainty as news of the current US President’s withdrawal from the 2024 election race caused some panic. This led to a brief drop in BTC price, followed by a sharp rise to a monthly peak of just over $68,000 on Monday morning.
Despite significant inflows into spot BTC ETFs, bitcoin experienced more volatility the next day, resulting in a drop to $66,300. As of the latest update, the asset is back in the $67,000 range. Ethereum has also caught the attention of the crypto community with the anticipated launch of spot ETH ETFs in the US. However, the price of ETH has remained relatively stable at just over $3,500. Ripple, on the other hand, saw a minor uptick in price, with XRP trading above $0.6.
The general sentiment in the market is bearish, with many top altcoins experiencing losses. BNB, TON, ADA, SHIB, DOT, LINK, BCH, NEAR, and UNI are all down around 2%, while AVAX, LTX, ICP, and INJ have seen more substantial losses of up to 6%. The total cryptocurrency market cap has slightly retraced since the previous day but remains above $2.550 trillion.
The cryptocurrency market continues to exhibit high levels of volatility, with both bitcoin and altcoins experiencing significant price fluctuations. Investors and traders should exercise caution and closely monitor market developments to make informed decisions in such a dynamic environment.
