According to CryptoPotato, Bitcoin's price has been underwhelming as it was stopped at $66,400 and pushed down toward $64,000 for the third time this week. The altcoins have also turned red, with significant declines, particularly from the meme coin niche. Last week, Bitcoin pumped to $70,000 on a couple of occasions, but its failure to continue north resulted in rejections that pushed it to under $65,000 by Friday. The start of the new business week began with a leg up toward $67,000, which was halted, and the bears drove Bitcoin south to a monthly low of $64,000. After bouncing off, Bitcoin went on the offensive yesterday and jumped to just shy of $66,500. However, another rejection followed, and Bitcoin now struggles to remain above $64,000 once again.
These price drops come amid continuous outflows from the spot Bitcoin ETFs. After the pause on June 19, the withdrawals yesterday were close to $140 million, with GBTC outplacing FBTC for the first time in days. With Bitcoin now being 2% down on the day, its market cap has slumped to $1.265 trillion. Its dominance over the alts is slightly up, though, to 51.5%.
The altcoins are in worse shape than Bitcoin, with the majority of them experiencing declines. ETH is down by more than 3% and sits below the psychological support of $3,500. BNB has declined by a similar percentage to $583. More losses come from SOL, SHIB, DOT, LINK, XRP, DOGE, ADA, and others from the larger-cap cohort. Some of the biggest losers on a daily scale are from the meme coin realm. WIF dumped to a multi-month low today, followed by JASMY, BONK, BRETT, PEPE, and FLOKI – all of them are down by more than 8% in a day. The cumulative market cap of all crypto assets has seen about $50 billion gone in a day.