In a dramatic turn of events, Bitcoin (BTC) has once again defied expectations, sliding below the $41,000 mark after days of lackluster sideways trading. đ
Two weeks ago, BTC experienced a surge in volatility following the approval of 11 spot BTC ETFs by the US Securities and Exchange Commission. The market responded with enthusiasm, propelling the digital asset past the $49,000 threshold for the first time in nearly two years. đ
However, the joy was short-lived as Bitcoin encountered a significant setback, shedding over $7,000 in a single day. The following weekend saw BTC struggling to maintain a position around $43,000, leading to a week of relatively stable but uneventful trading.
Friday brought a sudden downturn, with BTC plummeting to $40,200, marking a monthly low. Although a partial recovery ensued on Saturday, the cryptocurrency continued to grapple with resistance around $42,000.
Unfortunately, the past 24 hours have been challenging for the bulls, with BTC now dipping below $41,000 once again. Despite its market cap slipping to $800 billion, Bitcoin's dominance over alternative coins has seen a slight increase to 49.9% on CoinMarketCap, with many alts suffering even more.
đŽ Altcoins in the Red: AVAX and SOL Lead the Downward Trend
Notably, the bearish sentiment extends to altcoins, with Solana (SOL) and Avalanche (AVAX) taking a hit of more than 5%. SOL now trades below $90, while AVAX teeters close to breaking under $30.
Other major altcoins are also experiencing losses, including Ethereum (ETH) down 3%, Binance Coin (BNB) down 1.5%, Ripple (XRP) down 3%, Cardano (ADA) down 4.5%, Dogecoin (DOGE) down 3.5%, and Polkadot (DOT) down 3%.
Additional altcoins like OP, INJ, NEAR, TIA, FIL, and ARB are not spared from the downward trend.
đž Crypto Market Sheds $40 Billion Overnight
In a surprising turn of events, the entire crypto market has witnessed a collective loss of approximately $40 billion overnight, settling at $1.6 trillion on CoinMarketCap.
As the crypto rollercoaster ride continues, investors are advised to stay vigilant and adapt to the evolving market conditions. đš
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