In a dramatic turn of events, the crypto markets witnessed a staggering loss of $250 billion overnight, with Bitcoin leading the charge by plummeting $8,000 from its recent all-time high. Just when the crypto community was basking in the glory of Bitcoin’s surge to nearly $74,000, the bears made a bold move, dragging it down to a weekly low of $65,600. This correction not only affected Bitcoin but also sent shockwaves through the altcoin market, with major players like XRP, ADA, AVAX, DOGE, and SHIB experiencing significant double-digit losses.
The ripple effect of Bitcoin’s decline was felt across the board, as Ethereum struggled to maintain the $4,000 mark, dropping to below $3,700. Binance Coin (BNB), which had reached a multi-year peak, also succumbed to the bearish pressure, falling to $570. The total crypto market cap took a hit, shrinking by over $250 billion in just a day.
Amidst the market turmoil, Bitcoin ETFs faced their own challenges, with net inflows plummeting by 80% due to market uncertainty and regulatory pressures. This comes as two U.S. senators urged the SEC to halt the approval of any more crypto ETFs, citing risks to retail investors. Meanwhile, in a notable legal development, a UK judge ruled that Craig Wright is not the creator of Bitcoin, debunking his long-standing claim.
On a brighter note, Solana (SOL) bucked the trend with a 6.70% price surge, attributed to a memecoin craze and a technical breakout. This rally suggests a potential shift in investor sentiment, with some capital rotating from Bitcoin to altcoins like Solana, which are perceived as having more room to grow. Despite the market’s overall downturn, Solana’s network activity and total-value-locked (TVL) have shown promising signs of growth, hinting at a vibrant ecosystem that continues to attract interest despite broader market challenges.
