The drop in the price of bitcoin to $65,300 on Monday resulted in a 2.11% decrease in the value of the global cryptocurrency market to $2.38 trillion.
One industry observer attributed the slight decline in the largest cryptocurrencies to uncertainties around Ethereum exchange-traded funds (ETFs) listed on the US market.
In the previous 24 hours, the price of bitcoin has decreased by 1.81%, with a recent trade value of approximately $65,380, according to CoinMarketCap data. The price of Ethereum dropped by 2.34% to $3,500, according to data from cryptocurrency exchanges.
In a single day, the value of the global cryptocurrency market dropped by 2.11% to $2.38 trillion. Over the last day, the 192 digital assets tracked by the CoinDesk Market Index saw a decline of about 1.5%.
Michael Van de Poppe, who has 719,800 followers on X and 166,000 on Alphabet’s (GOOGL) YouTube, highlighted the US Securities and Exchange Commission’s approval of spot Ethereum ETFs but said there’s been a delay in listing, causing market confusion and a downturn due to the two-part approval process involving some applications.
US-traded spot-price bitcoin exchange-traded funds last week saw net outflows of more than $580 million, according to data compiled by Farside Investors.
US markets will be closed on Wednesday for Juneteenth, National Independence Day. On Thursday, the Philadelphia Fed Manufacturing Index is due, and Friday brings the manufacturing purchasing managers’ index.
Following last week’s monetary policy meeting, investors will be focused on an abundance of speakers from the Federal Reserve for more explanation around the current thinking of voting members.
U.S.-listed bitcoin miners have reached a record market capitalization of $22.8 billion as of June 15, according to JPMorgan analysts. Cardano’s ADAUSDT price meets the criteria to initiate a recovery; however, the chances of a successful rise are bleak.
This is because ADA holders are not coming forward regarding participation, creating a deviation in interest and performance. At the time of writing, ADA was down 2.38% in the last 24 hours to $0.404 as the crypto market saw selling pressure.
In the coming days, broader market trends and investor sentiment toward cryptocurrencies might also play a significant role in shaping Cardano’s price trajectory.
The total crypto market volume over the last 24 hours reached $63.89 billion, which represents a 53.89% increase. The total volume in DeFi is currently $5.21 billion, translating to 8.15% of the total crypto market 24-hour volume.
The volume of all stable coins is now $58.74 billion, which is 91.94% of the total crypto market 24-hour volume, according to CoinMarketCap.com. Bitcoin’s dominance is currently 54.11%, an increase of 0.17% over the day.
