The cryptocurrency market is trading in the red lines today, with Bitcoin and other major coins experiencing significant drops over the past 24 hours. This downturn has sparked investor concerns across the market. Bitcoin (BTC) has fallen back to the 64,000 level, while Ethereum (ETH), the second-largest cryptocurrency, has slipped to $3100.
The global crypto market cap has decreased by 3.50%, bringing its value down to $2.31 trillion. Additionally, the total crypto trading volume over the past day saw a 1.03% decline, now valued at $82.45 billion.
Bitcoin, ETH and Solana Tumble Down Making a Bearish Outlook
Bitcoin is currently down 2.44% to $64,286.50. This drop continues despite increased inflows from Bitcoin ETFs. According to the Bitcoin for Freedom X (Twitter) post, 450 new Bitcoins were created yesterday, and BlackRock purchased 7,680 BTC, which is 17 times the daily mined quantity.
Apart from the bearish outlook, Robert Kiyosaki, the author of the best-selling book “Rich Dad Poor Dad,” recently posted his forecasts on social media on the likely impact of former US President Donald Trump’s re-election on numerous assets. Kiyosaki predicts that Bitcoin will increase from $67,400 to $105,000 per coin by August 2025. The market waits with wrapped attention to see what Bitcoin has got for us.
On the other side, with a substantial decline of 7.71% during the previous day, Ethereum is now trading at $3,171.50. This comes even after the US SEC earlier this week approved the first Ethereum spot ETF, but there is still downward momentum.
On the other hand, on their second trading day, the US-based spot Ether exchange-traded funds (ETFs) reported net outflows of $113.3 million, mostly as a result of significant withdrawals from Grayscale’s Ethereum Trust.
Solana is currently trading at $171.66, down 1.34% over the past 24 hours. In the industry, the opinion of Solana ETFs is still positive despite this small setback. Over the last two days, two whales removed 238,893 SOL, or around $41.4 million, from the Binance exchange, according to on-chain data tracker Lookonchain. These funds were later staked, suggesting that these major holders made a calculated decision to benefit from staking incentives while probably keeping an optimistic view of the asset.
What Comes Next?
The larger cryptocurrency market is going through a difficult time, with notable drops in the prices of popular coins. While the market navigates these bearish times, investors continue to be cautious. Market players will be keeping a close eye on developments surrounding Ethereum’s spot ETF, Bitcoin ETFs, and the tactical choices made by major Solana network holders as things develop.