The crypto market has been on a volatile run, with Bitcoin (BTC) experiencing a notable dip to $63,500, pulling the total crypto market cap below $2.5 trillion. This downturn follows a period of recovery where Bitcoin had impressively climbed above $66,000, even touching near $67,000, before taking a hit. The altcoin sector is facing even harsher conditions, with significant losses across the board. Notably, BNB, TRX, and UNI have managed to dodge the downturn, but others like ETH, XRP, and LTC, along with Solana, Dogecoin, and several more, have seen declines.
The geopolitical tension between Iran and Israel had previously impacted the market, causing Bitcoin to drop below $59,500. However, a brief recovery was seen when Iran attempted to de-escalate the situation, leading Bitcoin to surge over $65,000 around the time of its fourth halving. Despite these gains, the market faced a setback, with Bitcoin’s dominance going to at 53.2% despite its price drop.
Hong Kong spot crypto ETFs were approved to start trading next week while the U.S. Securities and Exchange Commission (SEC) is expected to deny the approval of spot Ether ETFs next month, adding to the regulatory pressures facing the crypto industry. Additionally, BlackRock clarified it has no commercial relationship with Hedera, following a misinterpretation that led to a temporary spike and subsequent drop in HBAR’s price. Bitcoin miners are also feeling the pinch with reduced revenues post-halving, indicating a challenging period ahead for the sector.
