Global economic uncertainties and weakening investor sentiment weighed heavily on the cryptocurrency market on Monday, as Bitcoin’s price fell to $90,500 during early trading.
The decline marks a 4% drop in the last 24 hours and a 9% loss over the past week, according to data from the crypto market.
Bitcoin (BTC-USD), the largest digital asset by market valuation, has struggled to sustain its earlier momentum. After reaching a record high of $108,000 in mid-December, the asset has steadily retreated, losing the six-digit threshold as investors withdrew funds from Bitcoin exchange-traded funds (ETFs). On Wednesday alone, a staggering $583 million was pulled from Bitcoin ETFs, marking the second-largest daily outflow since their debut in January 2024.
The downturn in Bitcoin’s value has also affected the broader cryptocurrency market. Ethereum (ETH-USD), the second-largest digital currency, saw its price drop by over 6% in the last 24 hours, trading at approximately $3,060 at press time. ETH-USD has lost more than 16% in the past seven days.
Other cryptocurrencies also faced significant losses:
Solana (SOL-USD): Down 6% in the last 24 hours and 19% over the past week.
Dogecoin (DOGE-USD): Declined 18% over the last seven days.
The global cryptocurrency market capitalization has dropped to $3.15 trillion, reflecting a 4.45% decrease in the past day. Despite this, the total crypto market volume surged by 61.10% in the last 24 hours to reach $111.68 billion. Within this, the decentralised finance (DeFi) sector accounted for $7.35 billion, representing 6.58% of the total volume. Stablecoins dominated trading activity, making up 92.91% of the total market volume at $103.76 billion.
