CRYPTO MARKET SEES BLOODBATH AS BTC HITS 7-WEEK LOW 

The cryptocurrency market is witnessing a significant downturn, with Bitcoin (BTC) dropping below the crucial $40,000 threshold for the first time in nearly two months. Altcoins have been hit even harder, with substantial losses observed in coins like SOL, AVAX, DOGE, DOT, LINK, and others.

Bitcoin’s Challenges Persist

The launch of the first spot Bitcoin ETFs in the US occurred nearly two weeks ago, and it appears that the short-term impact of these approvals has been unfavorable for both Bitcoin and the overall crypto industry. After initially surging to over $49,000, Bitcoin’s price reversed course swiftly, falling below $42,000 the next day.

While it managed to recover some ground and stabilize around $43,000 for the following week, the recent weekend brought another decline, dropping Bitcoin to around $41,000. The negative momentum continued into the new business week, causing the asset to dip below $40,000.

At present, Bitcoin stands at a 7-week low, trading below $39,500, with its market capitalization shrinking to $773 billion. Its dominance over other cryptocurrencies has reached 50%, as many altcoins have also experienced significant losses.

Altcoins Face Substantial Losses

The decline in the cryptocurrency market has not spared altcoins, and the situation has worsened over the past 24 hours. Ethereum, in particular, has witnessed a 5% drop, bringing its price below $2,300. Other major coins like Binance Coin, Ripple, and Toncoin have also suffered similar percentage losses.

Furthermore, significant losses have been recorded in Solana (-8%), Cardano (-6%), Avalanche (-10%), Dogecoin (-6%), Polkadot (-8%), and Chainlink (-8%).

Lower- and mid-cap altcoins are also struggling, with ASTR, OP, NEAR, SATS, and NEO experiencing double-digit declines.

In total, the cryptocurrency market capitalization has declined to $1.550 trillion on CoinMarketCap, representing a $60 billion drop in the past day and a $100 billion decrease since Sunday.

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