Emmanuel OchayiThere was a notable decline in the cryptocurrency market, with the price of Bitcoin dropping below $64,000 and the liquidation of almost $209 million in long holdings on Thursday.
As of right now, Coingecko reports that the price of Bitcoin is $63,700, down 4% from the day before. The entire cryptocurrency market has been impacted by this loss as well; last night, the market capitalization of all cryptocurrencies fell by 4.7%.
Join our WhatsApp ChannelThe price of Ethereum, the second-largest cryptocurrency, has dropped during the last day, down 5.3% to about $3,090. Toncoin (TONNE), one of the top ten cryptocurrencies, has dropped the most in the last day, falling 10.1% to trade at $5.21.
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The recent market decline coincides with a 71-day run of steady inflows into Blackrock’s spot bitcoin ETF drying up. As a result, after three days of inflows, the outflows from Bitcoin spot ETFs have reached $120.6 million. Despite this, analysts predict that if mainland Chinese investors were allowed to purchase Ethereum and Bitcoin ETFs, Hong Kong’s permission might inject up to $25 billion into the cryptocurrency market.
The most recent Bitcoin halving event, which took place over the weekend, has also added to the state of the market. Long-term bullish expectations notwithstanding, the event has caused short-term losses, as Bitcoin’s price has fallen 2% from its peak of $65,230 on the day of the halving.
Apart from the Bitcoin Halving, Runes, a new standard for it tokens, was also introduced and accounted for more than 81% of transactions on Tuesday. These tokens caused a frenzy that spread throughout the network, making them effectively meme money for Bitcoin.
All things considered, the state of the market serves as a reminder of the erratic nature of the cryptocurrency space, and prospective buyers should proceed with caution and conduct independent research before deciding what to buy.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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