Crypto market update: Bitcoin falls below $60,000

$200bn wiped off total cryptocurrency market cap

Bitcoin sank on Wednesday, falling below the $60,000 threshold only a week after surging to a new all-time high of $66,930. 

The world’s first and largest cryptocurrency’s recent rise to record heights was partly attributed to its increased acceptance into the financial mainstream. 

After years of wrangling and rejection, the ProShares Bitcoin Strategy ETF became the first bitcoin exchange-traded fund in operation in the United States. Tuesday saw the launch of the VanEck Bitcoin Strategy ETF, the third bitcoin ETF in a little over a week. 

By 10:00 (BST), bitcoin traded down 5.2% at $58,653. The cryptocurrency’s market capitalisation stood 5.8% lower at $1.11trn (£810bn), while trading volume stood 32% higher at $42.5bn. 

Almost $200bn in value was wiped off the capitalisation of the total cryptocurrency market in the space of 24 hours. According to CoinMarketCap, the metric stood at $2.47trn. 

Other prominent cryptocurrencies followed bitcoin’s lead downward, with dogecoin, Solana and XRP falling by 12%, 8.4% and 8.3%, respectively. 

Ether suffered a 5.8% correction, falling to $4,001. The world’s second-largest cryptocurrency’s market capitalisation fell by 4.2% to $476.5bn, while trading volume jumped 54% to $24.2bn. 

Biggest riser

Across the wider digital asset space, BitUp enjoyed the largest gains. The nine-day-old rebasing token that seeks to reward holders with bitcoin stood 652,373% higher than 24 hours previously at $715.49. Just before the market correction, it had reached an all-time high of $1,514. 

Biggest faller

Advar Protocol suffered the largest fall, plunging 83% to $0.0001745. The two-day-old DeFi token has sunk in value by 92% since its all-time high of $0.002196. 

Further reading: Top 1000 bitcoin investors control about 3 million BTC

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