Hassan Maishera
TL;DR
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BTC is down 2.5% in the last 24 hours and briefly dropped below the $90k level.
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The bearish performance comes amid outflows from spot Bitcoin ETFs.
Spot Bitcoin ETF Outflow Pushes BTC Below $90k
The cryptocurrency market had an excellent start to the week, with Bitcoin retesting the $94k resistance level. However, it is now undergoing a correction as most altcoins have lost 3% or more of their value in the last 24 hours.
Bitcoin, the leading cryptocurrency by market cap, is down 2.5% since Wednesday and briefly dropped below $90k. At press time, BTC is trading at $90,321, with volatility still affecting the market performance.
The bearish performance comes as spot bitcoin ETFs in the U.S. saw over $486 million in outflows, with losses spilling over to their second-straight day for the first time this year.
With Bitcoin underperforming, altcoins are also in the red. Ether, the leading altcoin by market capitalization, has lost 4% of its value in the last 24 hours and is currently trading at $3,120. XRP has dropped to the $2.11 level after losing 7.5% of its value.
Thanks to the bearish performance, the total cryptocurrency market cap has now dropped below $3.1 trillion.
