Highly volatile moves continued after the first Bitcoin spot ETFs were approved in the US in the past 24 hours, with a significant decline to below $41,600.
Altcoins have suffered just as badly, with SOL, ADA, AVAX and others falling more than 5-6% in the same time frame.
Return of volatility in BTC
Bitcoin and the entire cryptocurrency industry had an eventful week, as the US Securities and Exchange Commission was expected to approve the country's first bitcoin ETFs. While that did happen on Wednesday, it did not pass without a host of hiccups, including a hack the day before with fake news, deleted and reposted data, as well as controversial words from the agency's head – Gary Gensler.
Naturally, all of this has led to increased volatility, with multiple massive price movements from Bitcoin. After the ETFs hit US markets on Thursday, the assets first rose to a 21-month high of more than $49,000 before collapsing by $3,000 in minutes.
The scene was less volatile on Friday, but only during Asian and European trading hours. As US trading hours drew to a close, the underlying digital asset fell below $41,600 for only the second time since the start of 2024.
So far, it has regained some ground and is approaching $43,000. However, its market capitalization has fallen to $843 billion, and so has its dominance – 50% over CMC now. The measure had risen to more than 53% earlier this week.
Alternative see red
Although most altcoins are in the red now, some have suffered less than others. This is the case with Ethereum, which fell a more modest 2.6% to $2,550. Binance Coin, Ripple, Dogecoin, and Toncoin also fell by less than 5%.
Meanwhile, assets such as SOL, ADA, AVAX, MATIC, BCH, DOT and ATOM fell by more than 5% and up to 11% in the case of BCH.
The total cryptocurrency market cap saw a loss of $80 billion in a single day and fell below $1.7 trillion at CMC.
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