Bitcoin has continued its poor start to the week, losing more than 2% of its value in the last 24 hours.
The dip can be attributed to the declining enthusiasm about the imminent approval of a spot Bitcoin ETF.
Bitcoin Risks Dropping Below $35k Soon
The cryptocurrency market has been underperforming so far this week following an excellent start to the month. The prices of most coins and tokens are currently in the red zone as the market retraces.
Bitcoin, the world’s leading cryptocurrency by market cap, has lost 2.5% of its value over the last 24 hours. The poor performance saw it drop below the $36k level and is now trading at $35,475 per coin.
The dip in BTC’s price could be attributed to the declining enthusiasm about the imminent approval of a spot Bitcoin ETF. furthermore, it also coincided with the release of the Consumer Price Index (CPI) for October in the United States. CPI remained flat despite market analysts expecting it to rise higher.
Ether, the second-largest cryptocurrency by market cap, also dropped below the $2k mark for the first time in more than a week after losing more than 3% of its value.
Despite the market’s poor performance, some altcoins performed excellently. Solana’s SOL surged by more than 5% and is now trading above the $57 mark once again.
Polygon’s MATIC is up by more than 4% in the last 24 hours, thanks to its partnership with OKX. Avalanche’s AVAX is also up by more than 5% and is currently trading at $17 per coin.
With the market now retracing, the total cryptocurrency market cap has dropped to $1.37 trillion, down by 1.54% over the last 24 hours.