📊 Here’s What Is Happening In The Crypto Market Today
A day after the July 4 celebrations, the crypto market has tumbled, shedding a slice of its market capitalization over the last day.
A day after the US Independence Day celebrations, the crypto market is experiencing a mild pullback, dampening the enthusiasm of bulls. BTC, ETH, XRP, and ADA have posted lukewarm numbers as the global cryptocurrency market capitalization sheds nearly $100 billion in a day.
🔸 Crypto Markets Record Underwhelming Numbers
Cryptocurrency prices have failed to match the enthusiasm of the July 4 celebrations in the US, falling by nearly 1% the day after. According to CoinMarketCap data, the cryptocurrency market has lost nearly $1oo billion in what experts are terming a “mild correction.”
Bitcoin, the largest cryptocurrency, fell to a daily low of $107,296 from a high of $108,381, dousing enthusiasm for a weekend run to set a new all-time high. Bitcoin is only 3.49% away from equalling its all-time high of $111,970, but the odds of a new peak have slumped following today’s crypto market slump.
Ethereum, mirroring Bitcoin’s movement, has also posted a similar underwhelming price performance. The second-largest cryptocurrency is trading at $2,495, falling from a daily peak of $2,529 and showing little signs of a recovery.
Other altcoins are recording lackluster price movements with Cardano, Solana, XRP, and Dogecoin in the red. Despite the decline, some memecoins are in the green with BONK surging by nearly 9% over the last day, leading to other smaller-cap coins.
On the eve of July 4, the crypto markets surged as Bitcoin, XRP, and Ethereum racked up notable upticks.
🔸 What Is Fuelling The Decline?
Several reasons are behind the broader crypto market decline today, but the biggest needle mover is a 3.6 billion crypto options expiry. Nearly $3 billion in Bitcoin and another $600 million in ETH contributed to the selloffs recorded in the market.
