Spot Bitcoin ETF Drama Results In Sudden Losses For BTC
Cryptocurrency markets experienced significant losses this week, particularly Bitcoin (BTC), which saw a rollercoaster ride that included a surge to $46,000 to a nearly $5,000 dump. Altcoins also suffered, leading to a $150 billion decline in the total crypto market cap. The speculation around the potential rejection of spot BTC ETF applications by the SEC contributed to this sharp drop.
A Sudden Drop
Ethereum dropped over 6%, hovering just above $2,200, while BNB went down to $300 within hours. Other major cryptocurrencies like Ripple, Solana, Cardano, Avalanche, Dogecoin, Polkadot, Polygon, and Chainlink faced losses of up to 12%, with MATIC being particularly affected.
As a result, the total crypto market cap, which was at a near 2-year high of $1.750 trillion, plummeted by $160 billion, standing at $1.650 trillion on CoinMarketCap as of the time of this writing. Furthermore, the market dominance of Bitcoin rose to 51.2%, indicating a larger impact on altcoins.
Other Markets
Meanwhile, in traditional markets, European equity futures declined, Asian stocks were mixed, and investors awaited crucial US jobs data to gauge the interest rate decisions taken by the Federal Reserve. Oil prices rose due to tensions in the Middle East and North Africa, despite signs of weakening US demand, with Brent crude near $78 a barrel.
Lastly, around the time that the various IT services giants within India begin their respective reporting sessions next week, earnings are expected to be the lowest in years, making it difficult for them to justify their valuations.
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