BTC price drops to $64K as spot Bitcoin ETF outflows continue
Bitcoin's recent lackluster performance persists as its value met resistance at $66,400 and subsequently retraced towards $64,000 for the third instance this week.
Similarly, the alternative cryptocurrencies have dipped into the red zone, witnessing significant drops, notably among the meme coin sector.
The foremost digital currency has certainly seen its share of more vibrant days in price action. Just a week ago, it surged to the heights of $70,000 on several occasions, but its inability to sustain this upward trend led to harsh pullbacks, dragging it below $65,000 by the end of the week.
Over the weekend, the cryptocurrency managed to regain some territory, hovering just above $66,000. However, with the onset of the new week, it aimed for $67,000 but was promptly knocked back, with bears pushing it down to a month's low at $64,000.
Following a recovery attempt, Bitcoin endeavored to breach just below $66,500 (according to Bitstamp) yesterday. Nevertheless, it faced another denial, battling now to keep its position over $64,000 once more.
This downward trend is accompanied by ongoing withdrawals from Bitcoin spot ETFs. Following a brief halt on June 19, the outflows reached nearly $140 million yesterday, with GBTC experiencing more withdrawals than FBTC for the first time in several days.
With Bitcoin currently down by 2% for the day, its market capitalization has dwindled to $1.265 trillion. Despite this, its dominance in the altcoin market has seen a slight increase to 51.5%.
The situation looks even bleaker for the altcoins, particularly for a significant number among them. ETH has decreased by over 3%, now trading below the critical $3,500 mark. BNB too has seen a drop, down to $583 by a similar margin.
Further downturns are observed in SOL, SHIB, DOT, LINK, XRP, DOGE, ADA, among other major altcoins.
Among the sharpest declines over the past day were in the meme coin sector. WIF plummeted to a new multi-month low today, with JASMY, BONK, BRETT, PEPE, and FLOKI all experiencing over 8% losses within 24 hours.
The total market capitalization for all cryptocurrencies has shed around $50 billion in just a day.
