Bitcoin and Altcoins
The bullish sentiment around Bitcoin cooled off on Friday, a day after Bitcoin ETFs began trading in the US, as traders initiated a “sell the news” event, causing the leading asset’s price to drop following several days of recent gains.
Bitcoin dropped nearly 8% to a daily low of $41,500 before rebounding to around $42,700 at the time of writing.
Bitcoin had initially surged to nearly $49,000 on Thursday, its highest level since 2021, as the first Bitcoin ETFs began trading in the US. However, the upward momentum was short-lived, and the price has been steadily declining over the past two days.
According to data from CoinGlass, Bitcoin positions worth over $90 million were liquidated in the past 24 hours, including long positions worth $76 million and short positions worth over $14 million.
The Altcoin market also sank into the red as selling pressure intensified.
Bonk (BONK) was the hardest-hit token of the day, losing over 16% of its value. However, on a weekly timeframe, this memecoin still shows an impressive profit of over 20%.
Bitcoin SV (BSV), Axie Infinity (AXS), THORChain (RUNE), WOO (WOO), Sei (SEI), Astar (ASTR), Avalanche (AVAX), Oasis Network (ROSE), Theta Network (THETA)… all turned downwards by more than 10% in the past 24 hours.
Other projects like Mina (MINA), The Sandbox (SAND), Flow (FLOW), Beam (BEAM), Fantom (FTM), Osmosis (OSMO), Neo (NEO), Solana (SOL), Gala (GALA), Klaytn (KLAY), Filecoin (FIL), Conflux (CFX), VeChain (VET), Polkadot (DOT), Frax Share (FXS)… also experienced significant declines ranging from 7-9%.
Ethereum (ETH) also took a hit yesterday. After briefly surpassing $2,700, its highest level since April 2022, ETH faced strong selling pressure, dropping to a local low of $2,458. Currently, the second-largest market cap asset is trading just above $2,500, down 3.5% from 24 hours ago.
