The crypto market, which has been under the influence of declines on Wall Street in recent days, has faced significant losses. While Bitcoin fell to $ 60,000, other major altcoins also experienced serious losses in value. Market analysis highlights Bitcoin's sharp decline and investors' cautious approach to buying the dip.

The declines in US stock markets last week significantly affected Bitcoin prices and led to a significant decline. Currently, Bitcoin is trading at $61,673 and its market value is recorded at $1.21 trillion. Investors are cautious about buying at dips amid uncertainty about the future direction of the market. According to on-chain data provider Santiment, Bitcoin has returned to levels not seen since July, but the investor enthusiasm from that period is now missing. Santiment suggests that Bitcoin's $60,000 and Ethereum's $2,900 levels may attract investor interest again.

While Bitcoin lost 10% in value last week, most of this decline occurred in the last four days. The general trend of the crypto market points to the potential for Bitcoin to fall below $50,000. However, Santiment states that prices are likely to rise again after such declines. In addition, the US unemployment rate was 4.3% in July, above the expected 4.1%, and this reduced the risk appetite in global markets. The volatility index VIX has increased recently and approached March 2023 banking crisis levels, but no significant increase in crypto market volatility has been observed.

Interest in Bitcoin ETFs is waning. According to Farside Investors data, there was an outflow of $237 million from Bitcoin ETFs last Friday. While $104 million was withdrawn from Fidelity's FBTC fund, there was an outflow of $87.7 million from Ark Invest's ARKB fund. While only BlackRock's IBIT and Grayscale's BTC funds have recorded inflows, Morgan Stanley's plan to allow some of its clients to invest in Bitcoin ETFs has so far had limited impact on the overall downtrend$BTC

The crypto market continued its decline today. Bitcoin lost 4.31% to $61,684.14, while Ethereum, XRP and Solana lost 5.91%, 4.08% and 6.76% respectively. While the total cryptocurrency market value decreased by 4.76% to $2.19 trillion, the transaction volume increased by 10.72% to $95.22 billion. Bitcoin's dominance increased slightly to 55.48%, indicating that altcoins are performing worse.

Among altcoins, Dogecoin, Shiba Inu, Pepe Coin, WIF and FLOKI recorded significant declines. On the other hand, Monero (XMR) attracted attention with a gain of 1.89%. Despite the overall bearish trend, some analysts are observing short-term bullish signals. Both Bitcoin and Ethereum showed slight upward movements on the hourly charts; Similarly, similar trends were observed in Solana and XRP. However, the overall market trend remains downwards. Additionally, $54 million outflow from Ethereum ETFs further emphasized the bearish trend in the market.

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