Despite ongoing market concerns, Bitcoin has dipped below $65,000, its lowest in a month.

The zkSync token suffered the most among the top 100 cryptocurrencies, plunging 26%. The total cryptocurrency market cap dropped from $2.55 trillion to $2.48 trillion, a 2.5% decline according to CoinGecko.

In the past 24 hours, Bitcoin hit a low of $64,548 after liquidating $150 million in long positions last week, stabilizing around $65,600 on Tuesday.

Major cryptocurrencies like Ethereum, BNB, and Solana saw declines of 3%, 1.5%, and 5% respectively. However, XRP and Ondo bucked the trend with gains of 2.5% and 2.2%.

Institutional selling persisted with Bitcoin ETFs experiencing $621 million in net outflows last week. Recent data from Farside Investors shows continued outflows, with U.S. spot Bitcoin ETFs seeing $145.9 million in net outflows.

Market uncertainty was exacerbated by the Federal Reserve's cautious stance, signaling fewer anticipated rate cuts. Comments from Minneapolis Fed President Neel Kashkari suggested rate cuts might not occur until December.

Crypto liquidations totaled $500 million in the past day, primarily from forced liquidations of long positions amounting to $432 million. Despite these challenges, some analysts believe the bearish sentiment may be short-lived due to global central banks moving towards monetary easing.

Wintermute trading desk noted ongoing Bitcoin miner selling to cover operational costs or upgrade equipment. While miners briefly benefited from recent events like the Bitcoin halving, interest in such events has waned.

Concerns also surround potential market impact from Mt. Gox creditors potentially selling 137,980 BTC, valued at approximately $9.04 billion.

While challenges persist in the cryptocurrency market, cautious optimism remains amidst potential global monetary policy shifts and market adjustments.
#bitcoin #etherreum #BnbAth #SolanaStrong $BTC $ETH $BNB