Analysts who predicted spot Bitcoin ETF approval in the US could become a “Sell-the-News” event got the maths right. The euphoria over the Bitcoin ETFs seems to be fading as jittery investors continue to offload their crypto holdings.
More than $272 million of crypto long positions — traders who bet that the prices would see an uptick — were wiped out in the past 24 hours, according to CoinGlass data.
The losses come amid a market rout as major digital asset prices fell sharply over the last 24 hours. After hitting a fresh 19-month high of over $48,600 earlier this month and trading above $46,000 levels on Friday, the OG cryptocurrency Bitcoin plunged nearly 7% to $42,815. While Bitcoin’s market cap slipped to $839 billion, trading volumes over the past 24 hours rose over 1% to $44.4 billion.
After riding high on the Bitcoin ETF wave, Ethereum (ETH) prices slid almost 2% over the last 24 hours to $2,544, with its market capitalization dropping to $305.7 billion. Trading volume stood at 24.7 billion, up 66% over the last 24 hours.
Smaller tokens also saw a price decline, with BNB off 4.5%, Solana (SOL) down 6.5% XRP, off 4%, Cardano (ADA) down 6%, and Avalanche (AVAX) off 8%. Popular meme coins, such as Dogecoin and Shiba Inu fell more than 4% each.
The subdued sentiment was reflected in the global crypto market cap, which tumbled nearly 5% to $1.68 trillion. The fear and greed index level stood at 63, indicating investor sentiment was somber.
Top 3 Cryptos For Today
Pepe Price Tumbles 7.5%
The frog-themed memecoin Pepe saw its prices decline over 7.5% in the past 24 hours to $0.000001227. Its market cap fell to $516 million while trading volumes plunged over 25% to $157 million.
SUI Price Rallies 14%
Sui blockchain network’s native token SUI jumped over 14% in the past 24 hours. At press time, SUI’s price stood at $1.24, while its market cap surged to $1.36 billion. Trading volumes are up 13% in the past 24 hours, indicating growing retail interest in the digital asset.
BONK Price Plunges Nearly 13%
Solana-based meme coin BONK’s price plummeted nearly 13% to $0.00001365 in the last 24 hours, sending its market cap tumbling to $865 million. Trading volumes over the last 24 hours also fell over 30% to $284 million.
Also Read: Vanguard Escalates Fight Against Bitcoin ETFs, Here’s What Happening
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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