The Bitcoin and Ethereum ETFs based in Hong Kong have not been immune to the prevailing negative sentiment in the cryptocurrency market. Despite their presence, the value of the primary cryptocurrency, Bitcoin, has fallen to around $62,000, showing that these financial products have not been able to reverse the downward trend.
Apart from CRO, which has seen an increase of approximately 5%, most other large-cap cryptocurrencies have not fared well. These altcoins are mostly experiencing declines, or at best, minimal gains, indicating a widespread bearish mood across the market.
This downturn in the crypto market reflects a broader lack of confidence among investors, who are possibly reacting to various global economic pressures or market-specific issues. The struggle of altcoins to post significant gains further emphasizes the cautious approach being taken by investors.
Overall, the cryptocurrency market is showing signs of strain, with only a few tokens like CRO managing to buck the trend. This situation highlights the challenges that even potentially stabilizing factors like ETFs face in shifting the overall market sentiment.
In summary, while some individual cryptocurrencies have managed slight increases, the general market condition remains bearish. This continued downturn underscores the volatile and unpredictable nature of the crypto market, where even significant financial instruments like ETFs struggle to make a positive impact.
BTC Struggles to Hold at $65K
Bitcoin kicked off the previous business week on a high note, momentarily reaching over $67,000 multiple times. Despite these peaks, the gains were short-lived as bearish pressures dominated, particularly after Wednesday, leading to a significant decline.
Following this, Bitcoin experienced a sharp fall, dropping several thousand dollars within a day and hitting a low of $62,800. It managed a slight recovery but soon after slipped to $62,400. The weekend saw a mild respite with the price climbing towards $64,500 on Sunday.
However, the recovery was not to last. By Monday, Bitcoin began to lose its footing again, resulting in a decrease to $61,700, marking a ten-day low. Despite these challenges, there was a brief show of strength as Bitcoin bulls managed to push the price up to $64,800 in the following hours.
This resurgence, however, faced another setback, leading to another price rejection. Currently, Bitcoin is struggling to maintain stability, wavering around the $62,000 mark again.
Amidst these fluctuations, Bitcoin’s market capitalization has fallen below $1.230 trillion, and its dominance in the cryptocurrency market hovers around 51%. These figures reflect the ongoing volatility and the tough market conditions that Bitcoin is trying to navigate.
CRO Stands Strong Despite Market Challenges
Most major cryptocurrencies initially followed Bitcoin’s upward trend, but like Bitcoin, they too faced setbacks in recent hours. Ethereum, for instance, surpassed the $3,200 mark buoyed by the launch of BTC and ETH ETFs in Hong Kong, only to fall below $3,100 shortly thereafter.
Other significant cryptocurrencies such as Solana, Cardano, Bitcoin Cash, Polkadot, Chainlink, MATIC, and ICP also experienced declines, dropping between 2% and 4%. NEAR, on the other hand, saw a more substantial decrease, losing over 5% in just one day.
In contrast, CRO and Avalanche managed to record notable gains during the same period, standing out against the general trend. Meanwhile, TON, SHIB, BNB, and TRX saw only minor increases.
The broader cryptocurrency market has also felt the impact of these fluctuations, with the total market capitalization shedding $40 billion overnight. This has brought the total market cap down to $2.410 trillion, as reported by CoinGecko.
This recent market activity highlights the volatility and rapid changes that can occur in the cryptocurrency market, affecting a wide range of assets from well-established coins like Ethereum to newer entrants like NEAR.
