Emmanuel OchayiThere was a notable decline in the cryptocurrency market, with the price of Bitcoin dropping below $64,000 and the liquidation of almost $209 million in long holdings on Thursday.
As of right now, Coingecko reports that the price of Bitcoin is $63,700, down 4% from the day before. The entire cryptocurrency market has been impacted by this loss as well; last night, the market capitalization of all cryptocurrencies fell by 4.7%.
The price of Ethereum, the second-largest cryptocurrency, has dropped during the last day, down 5.3% to about $3,090. Toncoin (TONNE), one of the top ten cryptocurrencies, has dropped the most in the last day, falling 10.1% to trade at $5.21.
READ ALSO: Bitcoin Miners Strike Gold With $2bn Revenue In March
The recent market decline coincides with a 71-day run of steady inflows into Blackrock’s spot bitcoin ETF drying up. As a result, after three days of inflows, the outflows from Bitcoin spot ETFs have reached $120.6 million. Despite this, analysts predict that if mainland Chinese investors were allowed to purchase Ethereum and Bitcoin ETFs, Hong Kong’s permission might inject up to $25 billion into the cryptocurrency market.
The most recent Bitcoin halving event, which took place over the weekend, has also added to the state of the market. Long-term bullish expectations notwithstanding, the event has caused short-term losses, as Bitcoin’s price has fallen 2% from its peak of $65,230 on the day of the halving.
Apart from the Bitcoin Halving, Runes, a new standard for it tokens, was also introduced and accounted for more than 81% of transactions on Tuesday. These tokens caused a frenzy that spread throughout the network, making them effectively meme money for Bitcoin.
All things considered, the state of the market serves as a reminder of the erratic nature of the cryptocurrency space, and prospective buyers should proceed with caution and conduct independent research before deciding what to buy.
