Bitcoin's price continues to fall since the US Securities and Exchange Commission gave the green light to a group of ETFs last week, falling to its lowest level since mid-December 2023 at less than $41,000.
The landscape with altcoins is quite similar, and the total cryptocurrency market cap dropped by about $50 billion overnight.
BTC drops below $41,000
Last week was very volatile as the Securities and Exchange Commission (SEC) approved 11 Bitcoin (BTC) ETFs in the middle of it. The bulls attacked with a massive push higher that pushed Bitcoin to its highest price in nearly two years, $49,000, on the day the ETFs were launched. However, this was followed by a sharp bounce that pushed the asset forcefully south by $3,000. A day later, the situation worsened, and Bitcoin fell by more than $7,000 since its local peak.
It was able to regain some ground over the weekend and stalled below $43,000 for the next several days. After this unusual lack of movement, the bears have rallied again over the past 24 hours and are starting to free fall once again.
This time, Bitcoin fell below $40,800 to mark its lowest price in a month. So far, it has added a few hundred dollars and is above $41,000, but it is still down 3.5% on the day.
Its market capitalization has fallen to $810 billion, while its dominance in altcoins remains well below the 50% mark.
The variant turns red
The altcoin space is not thriving either, with red dominating almost all charts. Ethereum price is down 2.5% and is trading below $2,500 after maintaining this line for a few weeks. The prices of Ripple, Cardano, Dogecoin, Polkadot, Tron, Chainlink, Toncoin, and Polygon fell by between 1% and 5%.
Solana, Avalanche, ICP, and Uniswap prices fell 6-9% in the same time frame. The most painful declines come from the likes of HNT, SI, ENS, LUNC, and AKT – all of which are down by double digits over the past 24 hours.
The cumulative market cap of all crypto assets saw a loss of $50 billion in a single day and fell to $1.630 trillion at CMC.
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