Breaking Down Inflow Streak and BTC Price Retracement

What Caused the BTC Price Retracement to $66K?

On Thursday morning, the biggest digital asset declined and reached a low of less than $63,500, which persisted for several days. Still, it recovered in the next several hours, particularly on Friday, and reached a little over $67,000.

While weekends tend to be less turbulent, last weekend wasn’t because of increased political happenings surrounding the US presidential election. On Sunday, the BTC price dropped by $2,000 as soon as Joe Biden declared he was dropping out of the 2024 race. On Monday, nevertheless, the asset reached a 6-week high of over $68,400, soaring by more than three thousand. It did, however, not continue its run and fell below $66,000 yesterday. In the end, bears prevailed despite increased volatility following the spot Ethereum ETFs’ live trading launch.

Spot ETH ETFs and Market Reaction: The Latest on Ethereum and Altcoins

Because around 10 spot ETH ETFs were introduced in the US months after their original approval, as was previously noted, the community’s attention was drawn to Ethereum. From above $3,500 to $3,400, the underlying asset saw some initial volatility. At $3,246, it has now settled down, though.

PEPE and MKR have gained the most as of late, whereas Solana, Dogecoin, Avalanche, Chainlink, and FET are among the worst performers among the larger-cap alts. Today, the remaining ones are less erratic. Currently valued at $2.4 trillion on CoinMarketCap, the global cryptocurrency market capitalization has retraced by about $30 billion.

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