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Bitcoin and Major Cryptocurrencies Experience Significant Losses
Sharp Declines Across the Crypto Market
Recent market trends have seen Bitcoin and other major cryptocurrencies facing a downturn, with notable declines impacting various assets. Worldcoin, for instance, has witnessed a steep drop of 22%, while memecoins like Popcat and Peanut the Squirrel are down around 20%.
Bitcoin and Ethereum Prices Fall
Bitcoin is currently trading below US$100k at US$97,484, experiencing a 3.7% decrease, while Ethereum has seen a 7% drop in value. Despite these losses, analysts note strong institutional demand, as evidenced by large Bitcoin outflows from Coinbase.
Major Memecoins Struggle Amid Market Turbulence
Memecoins such as Popcat and Peanut the Squirrel have been hit hard, with declines of over 20%. Even established cryptocurrencies like XRP and Cardano are down around 15%, indicating a widespread market correction.
Analysts Highlight Institutional Interest in Bitcoin
The significant outflow of BTC from Coinbase suggests growing interest from institutional investors, pointing towards a strong demand for the digital asset. Meanwhile, Bitfinex experts suggest signs of market stabilization, with key indicators showing positive developments.
ETF Support Amid Market Volatility
US Spot Bitcoin exchange-traded funds (ETFs) continue to provide crucial support for Bitcoin, despite recent negative flows. Weekly inflows totaling US$2.7 billion highlight the sustained backing from ETFs, acting as a buffer against potential sell-offs by long-term holders.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
