Markets
BTC Price Drops Back to $66K as Bitcoin Spot ETFs Break Inflow Streak (Market Watch)
On a day when all eyes were on Ethereum due to the launch of several spot ETH-tracking ETFs, Bitcoin’s price dropped from above $67,000 to below $66,000 before bouncing back to the latter.
Among mid- and large-cap alternatives, Avalanche and FET saw the biggest declines, while PEPE and MKR saw the biggest gains.
BTC Drops to $66K
The largest digital asset went belly up last Friday morning, when it fell to a multi-day low of just under $63,500. However, it rebounded in the hours following, especially on Saturday, and jumped to just over $67,000.
While weekends are generally less volatile, this is not due to further political developments on the US presidential election front. Joe Biden announced that he would withdraw from the 2024 race, which led to an immediate $2,000 price drop for BTC on Sunday.
However, the asset skyrocketed by over three thousand dollars by Monday and hit a 6-week high of over $68,400. However, it failed to maintain its run and fallen at $66,000 yesterday. More volatility followed when spot Ethereum ETFs went live for trading yesterday, but the bears ultimately prevailed.
They pushed bitcoin below $65,600 hours ago, but the asset has managed to recover some ground and is now just a few inches above $66,000. These drops came as spot Bitcoin ETFs saw nearly $80 million in outflows, thus interrupting the positive 12 Day Series.
Its market cap has dropped to $1.3 trillion on CG, while its dominance over alts remains at 51.7%.
Bitcoin/Price/Chart 07/24/2024. Source: TradingView
ETH on Ethereum spot day
As mentioned above, the community has been focused on Ethereum due to the launch of nearly ten ETH spot ETFs in the United States months after their initial approval. The underlying asset faced some volatility early on, falling from over $3,500 to $3,400. However, it has since calmed down to $3,450.
Among large-cap altcoins, Solana, Dogecoin, Avalanche, Chainlink, and FET are among the worst performers, while PEPE and MKR are the ones that have seen the biggest gains.
The rest is less volatile today. The total cryptocurrency market cap has retreated by about $30 billion and is down to $2.52 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
Binance $600 Free (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (full details).
LIMITED OFFER 2024 on BYDFi Exchange: Up to $2,888 Welcome Reward, use this link to register and open a 100 USDT-M position for free!
Disclaimer: The information found on CryptoPotato is that of the authors cited. It does not represent CryptoPotato’s views on the advisability of buying, selling, or holding any investment. We recommend that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.