Bitcoin Drops Below $68k as Crypto Market Selloff Continues

Twitter icon  •  Published 3 weeks ago  •  Hassan Maishera

Bitcoin is down by 3% in the last 24 hours, dropping below the $68k level as the broader crypto market experiences another selloff.

TL;DR

  • Bitcoin is down 3% in the last 24 hours and is trading below $68k per coin.

  • The broader crypto market is experiencing a selloff after BTC hit $71k earlier this week.

BTC Dips Below $68k Amid Spot Ether ETF News

Bitcoin, the world’s largest digital asset by market cap, has been underperforming over the last two days. It has now lost more than 3% of its value in the last 24 hours and is trading at around $67,400 per coin.

The poor performance comes as the broader crypto market continues to experience a selloff. BTC hit a monthly high of $71k earlier this week, with many expecting it to rally higher and reach a new all-time high.

However, it has since underperformed and has lost more than 5% of its value over the last two days. The poor performance comes despite the positive news regarding spot Ether ETFs. 

On Thursday, the US Securities and Exchange Commission approved the exchange listings of spot Ether exchange-traded funds (ETFs), indicating that the products might begin trading later this year.

Ether, the second-largest cryptocurrency by market cap, is also underperforming despite the positive news on spot Ether ETFs. ETH has lost 1% of its value in the last 24 hours but continues to trade above $3,700 per coin.

SOL is the worst performer amongst the top 10 cryptocurrencies by market cap, losing 5% of its value. At press time, Solana’s native coin is trading at $166 per coin. The total cryptocurrency market cap continues to dip and now stands at $2.51 trillion, down by 2.5% so far today.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.