$40 bn Gone From Crypto Markets As Bitcoin Drops Below $41K
The crypto market has seen a significant decline, with BTC falling below $41,000 and alternative coins like AVAX and SOL dropping by over 5%.
The primary cryptocurrency experienced enhanced volatility two weeks ago when the US Securities and Exchange Commission greenlighted 11 spot BTC ETFs. BTC’s market cap has declined to $800 billion, but its dominance over alts has increased slightly to 49.9% on CMC. Solana and Avalanche have also experienced a 5-6% decline.
Larger-cap alts have suffered losses, with ETH, BNB, XRP, ADA, DOGE, DOT, OP, INJ, NEAR, TIA, FIL, and ARB also experiencing losses. The entire crypto market has declined by roughly $40 billion overnight and is currently at $1.6 trillion according to data from CMC.
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