SLIP. Bitcoin fell to nearly USD69,000 on Wednesday (May 22, 2024), a day after its botched climb to USD72,000. Price of altcoins went down to as much as 8 percent even after rising by almost 20 percent on Tuesday. (Photo by Anadolu)
ISTANBUL – Bitcoin fell to almost USD69,000 on Wednesday, after it failed to surpass the USD72,000 resistance level Tuesday.
The price fell to as low as USD69,191 earlier Wednesday, while it was trading just above USD69,500 around 10:10 a.m. EDT for a daily loss of 0.4 percent, data from CoinMarketCap, a digital asset price-tracking website, show.
Ethereum, the world's biggest altcoin by market cap, was down 2.8 percent to USD3,682, after climbing above USD3,800 the previous day.
Although some altcoins saw their prices soar more than 20 percent on Tuesday, they were down as much as 8 percent on Wednesday.
The total value of the cryptocurrency market stood at USD2.57 trillion with a 1.79 percent daily loss at that time, while Bitcoin's share of the crypto market, known as dominance, was at 53.3 percent. Ethereum's was at 17.2 percent.
The recent selloff is mostly the result of investors taking profits from Bitcoin and cryptocurrencies' rallies since the beginning of the month, according to analysts.
Bitcoin plummeted below USD57,000 on May 1 for the first time in more than two months, marking its lowest since Feb. 27.
It reached an all-time high of USD75,830 on March 14, according to cryptocurrency exchange platform Binance.
The cryptocurrency market experienced a selloff during that period as investors' demand for Bitcoin fell following its halving in April.
Since then, however, Bitcoin exchange-traded funds (ETFs), saw net inflows of USD948.3 million last week, which have now surpassed USD12.5 billion, since ETFs started trading in January, according to The Block, a New York-based data and research firm specializing in digital currencies. (Anadolu)
