On Thursday, May 30, 2024, Bitcoin (BTC) experienced a pullback after reaching the $70,000 milestone earlier in the week. Since then, the leading cryptocurrency has struggled to maintain its momentum and has dropped to $67,000, indicating a significant slowdown in its value.
At the same time, Pepe (PEPE), a meme coin that recently achieved new records, also suffered a significant decline, dropping to around $0.00001313 and losing nearly 15% of its value in just one day. Other cryptocurrencies, including SHIB, DOT, DOGE, and WIF, followed suit and recorded substantial losses.
The volatility of Bitcoin’s price was further exacerbated by the news of the launch of an Ethereum ETF, which initially drove the coin to nearly $72,000. However, this rally was short-lived as Bitcoin faced rejection and fell to $66,400. After a brief recovery that brought it back to around $68,000, the BTC price currently stands at US$68,115.75 with a 0.5% increase in the last 24 hours.
The cryptocurrency market today witnessed losses for Binance Coin, which dropped below the $600 level, and Ethereum, which experienced a 2% decline to $3,750 and an almost 4% drop in the past 7 days. The total value of the cryptocurrency market saw a reduction of over US$60 billion, indicating a widespread retraction.
PEPE and WIF, which had shown exceptional performance in recent days, also faced setbacks. While PEPE experienced a sharp decline, WIF recorded a drop of over 11%. The altcoin market, including SHIB, DOT, DOGE, SOL, and NEAR, also witnessed significant declines in their valuations.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: Bitcoin maintains its position above the US$69 mark, while UNI and PEPE lead gains among altcoins. Ethereum continues its upward trend, reaching US$4, while PEPE sets a new record.
