After surpassing the $70,000 mark, Bitcoin has experienced a significant drop, falling to less than $68,000 in the last 12 hours. This market movement was accompanied by an overall retracement in the cryptocurrency sector, with several altcoins showing negative performance.
Bitcoin, which had a volatile week, saw its highs driven by the expectation that the US Securities and Exchange Commission (SEC) would approve Ethereum index funds. This optimism led the cryptocurrency to almost reach $72,000 on Tuesday, a peak not seen since early April. However, after the approval of Ethereum ETFs by the SEC, the price of Bitcoin briefly retreated, only to recover over the weekend, approaching $70,000 again.
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This recent retreat, however, saw Bitcoin lose about $3,000 in value, reaching a low of $67,500. Currently, the cryptocurrency is trading slightly above this low, with its market value reduced to $1.33 trillion and its dominance over altcoins still below 50%.
Meanwhile, the altcoin market also felt the impact. Ethereum, for example, dropped nearly 2%, slipping from a recent peak of around $3,950 to $3,820. Other significant cryptocurrencies like Binance Coin, XRP, DOGE, among others, also recorded modest declines. In terms of losses, Bitcoin Cash led among the major altcoins, with a 4.5% reduction in its value. It was followed by ARB and PEPE, with drops of 5.5% and 4.4% respectively.
Contrary to the overall market trend, Chainlink (LINK) emerged as a positive exception. The asset saw an increase of about 6% in one day, now trading above $18, defying the prevailing negative sentiment in the market.
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