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Crypto Crash Alert: Bitcoin Slips Below $96K, Altcoins Tumble
The cryptocurrency market has taken a drastic turn for the worse as El Salvador’s monumental deal with the IMF sparked a sudden and unanticipated downturn. The recent news sent shockwaves through the industry, causing a cascade of sell-offs across major cryptos.
Bitcoin (BTC) has taken a hit, plummeting by 3.32% to currently trade at $97,697. Throughout the past 24 hours, the world’s largest cryptocurrency has fluctuated wildly between $95,537 and $102,747, with its market capitalization now sitting at $2.05 trillion. Trading volume is slightly lower at $39.57 billion.
The decline of Bitcoin is largely attributed to a massive outflow of $682.04 million from spot BTC ETFs. Not even the big names like Fidelity and Grayscale were spared, as they too witnessed significant losses.
Ethereum’s (ETH) price has also suffered greatly in this tumultuous period. As investors scramble to reassess their portfolios, it remains to be seen how the market will respond moving forward.
Meanwhile, other altcoins have fared no better. The Fear and Greed Index currently sits at 62, indicating that while traders are not yet panicking, they are certainly less eager to make bold investments.
It is worth noting that a glimmer of hope exists on the horizon. The SEC’s recent approval of new ETFs may pave the way for crypto’s increased integration into mainstream finance. This could ultimately lead to a more stable market in the long term.
For now, investors would be wise to remain vigilant and ride out this current wave of volatility.
Source: coinpedia.org
