Bitcoin (BTC) has plummeted below $60,000 once again, ten days after squeezing past marquee levels of $67,000 and above. Since October 17, 2021, this is the first time the flagship cryptocurrency has fallen below the $60,000 threshold, citing concerns of a potential fallout among investors who bounced on the ETF bandwagon two weeks ago.
Following reports of a Bitcoin futures ETF landing in the United States, BTC showcased a historic bull run, breaking into a new all-time high price of $67,276. However, the immediate honeymoon effect over the SEC’s crucial ETF decision appears to have ended, based on today’s market activity. Bitcoin has dropped by 6.6 percent in the last 24 hours and was trading at $59,104 at the time of writing this post.
Over the last few trading sessions, the price of Bitcoin has been somewhat range-bound, as any hints of profit-taking have been met with significant drop buying. Lower caps also made similar showings after Monday’s market opening, with the top 20 coins shedding considerable cap over the weekend.
The second-largest flagship cryptocurrency Ethereum dipped by 4.27%, closing at $4,037 after transactions through big-time exchanges such as Binance stalled due to heavy loads and transfer of funds to the first-ever US-led Exchange-Traded Fund (ETF). The Binance coin (BNB) marginally dropped as low as $457, while the dark horse of the game, Cardano, slipped to $2 after hitting highs that peaked between $2-2.4.
Moreover, Ethereum rival Solana — the sixth-largest cryptocurrency by market cap — dropped by 7.42% after setting a new all-time high price above $219 two days ago. At the time of writing, the ‘presumed’ Ethereum killer was trading blows at $194.
The overall cryptocurrency market has soared recently, with Bitcoin setting a new all-time high of nearly $67,277 last week and Ethereum setting its own apex of $4,361. While the ETF fever has subsided and crypto trends cool down, big-name analysts and experts are still optimistic to see another bull run in the coming few days of trade.