Following several days of substantial price increases surpassing $70,000, bitcoin has experienced a precipitous decline over the past 12 hours or so, falling to just under $68,000
Most altcoins are marginally declining, with ARB, BCH, and PEPE being the most prominent casualties.
BTC Falls $3,000
The primary cryptocurrency experienced a turbulent week because of rumors that the US SEC might authorize spot Ethereum ETFs by the end of the week.
This prompted a series of rallies that reached their pinnacle on Tuesday when the price surged to nearly $72,000 for the first time since early April.
The subsequent days, however, saw a waning of the excitement, and on Thursday, Bitcoin fell to $66,400, just hours before the US regulator authorized eight-spot ETH ETFs.
At this juncture, the bulls ultimately emerged and propelled an additional surge, which aided Bitcoin in regaining some ground and approaching $70,000 over the weekend.
Following another brief retracement yesterday, the asset relaunched its charge, reaching a multi-day high of $70,500. However, just as the bulls were gearing up for a run toward the all-time high, the environment again shifted, possibly due to the most recent occurrences surrounding Mt. Gox.
Within hours, the value of the cryptocurrency fell by approximately three thousand dollars to $67,500. Bitcoin is trading mere centimeters above its all-time low, but its market capitalization has plummeted to $1.330 trillion. Its continued dominance over the alternatives is well below 50%.
LINK Contrary to Market Sentiment
Today, the majority of larger-cap alts have also turned red. Ethereum is at the forefront of this negative trend with a decline of nearly 2%, which has reduced its price by $100 since its peak of approximately $3,950 yesterday. DOT, Binance Coin, XRP, DOGE, TON, ADA, AVAX, and TRX incur minor losses.
Bitcoin Cash has suffered the most significant depreciation among the top 20 adults, with a daily loss of 4.5%. PEPE has fallen 4.4%, following ARB’s 5.5% decline, since the meme coin’s most recent ATH was recorded yesterday.
On the contrary, Chainlink’s LINK is present. The asset is trading above $18 after a day-long increase of about 6%.
The total market capitalization of cryptocurrencies fell by $30 billion overnight, falling to $2.680 trillion on CG.
