Why is crypto down today? The start of outflows.
The global cryptocurrency market has notably declined as Bitcoin (BTC) dipped close to the $66,000 mark.
According to data provided by CoinGecko, the global crypto market capitalization plunged by 4.6% in the past 24 hours and is sitting at $2.63 trillion at the time of writing. The daily trading volume, however, increased by 42%, reaching $134.77 billion, per CoinGecko.
The marketwide decline comes as the leading cryptocurrency, Bitcoin, dropped from $70,000 to $66,400 over the past 24 hours. The BTC market cap is currently hovering around the $1.3 trillion mark with a 24-hour trading volume of $40 billion.
Moreover, Bitcoin ETFs recorded a total net outflow of $85.7 million on April 1, according to data from Farside Investors. Data shows these investment products reached a total of $862 million in inflows last week.
On March 31, Tether, the company behind the largest stablecoin, purchased 8,888 Bitcoins for $618 million — the average price of each coin is $69,531. The firm currently holds over 75,000 BTC at an average price of $30,305.
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