The global digital asset printed red indexes all around as Bitcoin (BTC) price dropped to the $64,000 level suggesting a halt in the bull run. The cumulative market cap dropped by more than 6% in the last 24 hours to stand at $2.44 trillion. It is not just Bitcoin that crashed but other major tokens like Ether (ETH) and Solana (SOL) prices also took a dip.
Bitcoin price down by 11% in 7 days
Bitcoin’s high ride saw multiple declines over the last few days as Its price on Tuesday dropped below the $65k level. BTC price is now down by almost 11% in the last 7 days leaving the crypto market waiting for the next move.
According to reports, This decline comes as investors performed a record daily outflow from the Grayscale Bitcoin Trust (GBTC). The outflow stood around $643 million. However, this outrush from GBTC is coupled with emerging expectations for Federal Reserve interest-rate cuts.
The anticipation around the rate cuts has contributed to bearish sentiment across the market. Other major tokens such as Ethereum, Solana, and Dogecoin also recorded losses amid the market downturn. The fear and greed index is still signaling “extreme greed” in the market with 83 points.
Bitcoin is trading at an average price of $64,310, at the press time. Its 24 hour trading volume is up by 41% to stand at $59 billion.
What are other major cryptos doing?
Ethereum saw a drop of 7.6%, settling at $3,346 with a trading volume of $24.04 billion, while, Solana dropped to the $180 price level registering a decline of more than 8%. Binance Coin (BNB) was down by 9%, reaching $525.12, at the press time.
Ripple’s XRP recorded a dip of over 4%, dropping below the $0.60 price level, with a trading volume of 3.32 billion. Cardano price tumbled by 10% to $0.61, with a trading volume of $876.94 million.
Popular meme coins also extended losses, with Dogecoin down by 12% to trade at an average price of $0.1314, while Shiba Inu’s price dropped by 11.04% to stand at a price of $0.00002511. These bearish trends in the crypto market highlight the volatility and uncertainty prevailing among investors.
Data provided by the Coinglass data shows that more than 178K traders were liquidated in the last 24 hours. The total liquidations stood at around $426,76 million. However, the single biggest liquidation order occurred on the crypto exchange OKX for ETH-USD-SWAP, with a value of $7.07 million.
