Bitcoin tumbles nearly 6%, dragging the crypto market into a sea of red.
Bitcoin ($BTC ) experienced a steep decline in the past 24 hours, dropping nearly 6% and hitting its lowest level since May 1st at $57,600. However, the coin has since recovered slightly and is currently trading around $58,500.
This drop is attributed to a resurgence of retail selling in the market. According to on-chain analyst Ali Martinez, BTC miners sold 2,300 BTC worth $145 million in the 72 hours leading up to July 2nd. Additionally, another "whale" also sent 1,723 BTC, equivalent to $106 million, to the Binance exchange.
The Altcoin market was not spared from the negative sentiment as Bitcoin plunged. Ethereum Name Service ($ENS ) was the hardest hit project in the top 100, dropping over 18% of its value in just 24 hours. Several other tokens also recorded losses of over 10%, including Akash Network (AKT), Dogwifhat (WIF), Fantom (FTM), Beam (BEAM), Pepe (PEPE), Jupiter (JUP), Arweave (AR), Core (CORE), Conflux (CFX), JasmyCoin (JASMY), Celestia (TIA), Bonk (BONK), Floki (FLOKI), Oasis (ROSE), THORChain (RUNE), NEAR Protocol (NEAR), Solana (SOL), Maker (MKR), ORDI (ORDI),...
Ethereum ($ETH ) also evaporated over 5% on the day, hitting a local low of $3,155 before rebounding to just above $3,200.
So, what does the future hold for the cryptocurrency market?
According to some analysts, the market could continue to see strong volatility in the near future. Rising interest rates and tightening monetary policy by central banks could cause investors to worry and sell off risky assets like cryptocurrencies.
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