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After a quiet weekend, bitcoin’s price headed south violently in the past 12 hours or so and dumped to a monthly low of $64,000 amid the growing outflows from the spot ETFs.
Over $100 billion evaporated from the crypto markets at one point, as most alts dumped hard as well.
BTC Goes Low
Bitcoin tried to take down the $70,000 level on a few occasions last week, but to no avail. The last attempt came after the favorable US CPI data came out on Wednesday and BTC skyrocketed from under $67,000 to $70,000 in minutes.
However, the bears were quick to intercept the move as the US Federal Reserve said it will not cut the interest rates and propelled a massive price drop for the leading cryptocurrency. By Friday evening, the asset had fallen by five grand and dropped to $65,00.
The weekend was a bit more positive and calm as BTC stood at just over $66,000. Monday started quietly as well, before the bulls attempted a leg up toward $67,000. However, this didn’t see much success and the subsequent rejection pushed bitcoin south to a monthly low of $64,000, leaving almost $500 million in liquidations.
These price declines came amid another batch of ETF outflows, this time worth $145.9 million from all such products.
BTC’s market cap has slumped below $1.3 trillion, while its dominance over the alts has gained 0.7% overnight to 52.1%.
Alts See Nothing but Red
The growing BTC dominance amid bitcoin’s correction means that the alts have dumped even harder. This is evident from the likes of SHIB, UNI, and WIF, all of which have declined by around 10%.
Solana, Dogecoin, Toncoin, Cardano, Avalanche, and Chainlink are also deep in the red. DOT is close to breaking below $6. ETH and BNB are also in the red.
XRP is the only exception from the larger-cap alts. Ripple’s native token has jumped to just over $0.5 amid a market-wide correction.
The total crypto market cap has dumped to under $2.5 trillion within the past day, losing roughly $100 billion since yesterday’s peak.
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