After surpassing the $70,000 mark, Bitcoin has faced a significant drop, depreciating to less than $68,000 in the last 12 hours. This market movement was accompanied by a general retracement in the cryptocurrency sector, with several altcoins showing negative performance.
Bitcoin, which experienced a volatile week, saw its highs driven by the expectation that the United States Securities and Exchange Commission (SEC) would approve Ethereum index funds. This optimism led the cryptocurrency to nearly reach $72,000 on Tuesday, a peak not seen since early April. However, after the approval of Ethereum ETFs by the SEC, the price of Bitcoin briefly retreated, only to recover over the weekend, approaching $70,000 again.
Powered by TradingView
This recent setback, however, saw Bitcoin lose about $3,000 in value, reaching a low of $67,500. Currently, the cryptocurrency is trading slightly above this minimum, with its market value reduced to $1.33 trillion and its dominance over altcoins still below 50%.
Meanwhile, the altcoin market also felt the impact. Ethereum, for example, fell nearly 2%, sliding from a recent peak of about $3,950 to $3,820. Other significant cryptocurrencies such as Binance Coin, XRP, DOGE, among others, also recorded modest declines. In terms of losses, Bitcoin Cash led among the major altcoins, with a 4.5% reduction in its value. ARB and PEPE followed, with drops of 5.5% and 4.4%, respectively.
Contrasting with the overall market trend, Chainlink (LINK) emerged as a positive exception. The asset saw an increase of about 6% in one day, now trading above $18, defying the prevailing negative sentiment in the market.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Ethereum Price Today Maintains Stability Ahead of SEC Decision Bitcoin Maintains $69 Mark while UNI and PEPE Lead Gains Among Altcoins