Markets
Cryptocurrency Markets Lost $100 Billion Overnight as Spot Bitcoin ETF Outflows Reached $146 Million (Market Watch)
After a quiet weekend, bitcoin’s price has moved violently lower over the past 12 hours or so, falling to a monthly low of $64,000 amid growing outflows from spot ETFs.
At one point, over $100 billion evaporated from the cryptocurrency markets, as most alts were also heavily dumped.
BTC drops
Last week, Bitcoin attempted to break down the $70,000 level several times, but to no avail. The latest attempt came after favorable US CPI data was released on Wednesday and BTC skyrocketed from under $67,000 to $70,000 in a matter of minutes.
However, bears were quick to intercept the move as the US Federal Reserve said it will not cut interest rates and triggered a massive price drop for the leading cryptocurrency. By Friday evening, the asset had dropped five thousand dollars and was down to $65.00.
The weekend was a little more positive and calm as BTC was standing at just over $66,000. Monday also started quietly, before the bulls attempted to climb back towards $67,000. However, this was not very successful and the subsequent rejection pushed Bitcoin south towards the monthly low of $64,000, leaving almost $500 million in your pocket. liquidations.
These price drops occurred in the context of another batch of ETFs outflowsthis time Worth $145.9 million from all these products.
BTC’s market capitalization plummeted below $1.3 trillion, while its dominance over alts increased overnight by 0.7% to 52.1%.
Bitcoin/Price/Chart 18.06.2024. Source: TradingView
Others see nothing but red
The increasing dominance of BTC during the Bitcoin correction means that alts have been dumped even harder. This is evident from companies like SHIB, UNI and WIF, which are all down around 10%.
Also in deep red are Solana, Dogecoin, Toncoin, Cardano, Avalanche and Chainlink. DOT is close to falling below $6. ETH and BNB are also in the red.
XRP is the only exception among the larger cap alternatives. Ripple’s native token jumped to just over $0.5 amid a market-wide correction.
The total cryptocurrency market capitalization fell below $2.5 trillion over the past day, losing around $100 billion from yesterday’s peak.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.