BITCOIN DROPS TO 2024 LOW OF $41.5K AMID DIMINISHED ETF EXCITEMENT

In the past 24 hours, the cryptocurrency market experienced a significant downturn, with the total market capitalization dropping by approximately $80 billion. This decline follows a period of intense volatility triggered by the approval of the first U.S. spot Bitcoin ETFs.

Bitcoin (BTC), at the center of the market’s fluctuations, witnessed dramatic price movements. After initially soaring to a 21-month high of over $49,000 following the ETF approvals, Bitcoin rapidly fell, dropping below $41,600 for the second time since the beginning of 2024. As of the latest reports, Bitcoin has partially recovered, trading close to $43,000, though its market dominance has decreased to around 50%.

The altcoin sector mirrored Bitcoin’s volatility, with significant declines across the board. While Ethereum (ETH) saw a relatively modest drop of 2.6% to $2,550, other major cryptocurrencies experienced more substantial losses. Solana (SOL), Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), Bitcoin Cash (BCH), Polkadot (DOT), and Cosmos (ATOM) all plummeted by more than 5%, with BCH recording the steepest decline of up to 11%.

This latest market movement underscores the continuing impact of regulatory developments and market sentiment on cryptocurrency prices. The approval of spot Bitcoin ETFs, while a milestone, has introduced new dynamics that have contributed to the heightened volatility observed in the market. The total crypto market cap now stands at just under $1.7 trillion, reflecting the significant pullback in asset values across the sector.

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