According to data from cryptocurrency exchanges we examined, sell pressure on Bitcoin, the largest cryptocurrency in the world, has decreased below $64,000. The recent bearish shift in the exchange-traded fund (ETF) that regulators approved for Bitcoin has increased the market’s volatility. The market capitalization of all cryptocurrencies crashed, hitting $2.3 trillion, the lowest level in five weeks.
Data from cryptocurrency exchange CoinMarketCap shows that the entire volume of the crypto market fell to $56.78 billion, a 19.97% decrease. At $4.71 billion, the entire volume in DeFi represented 8.29% of the volume in the cryptocurrency market.
Most major digital assets fell on Friday, with bitcoin (BTC-USD) losing more ground. The CoinDesk Market Index, which tracks 192 digital assets, was down by more than 1% in the past 24 hours.
The most popular cryptocurrency is on pace to conclude the week with a loss of more than 2%. Ethereum (ETH-USD), the second-largest digital asset, was trading 0.2% higher at $3,530 and heading for a weekly gain of nearly 4%.
BNB (BNB-USD), the third-largest digital asset by market value excluding stable coins, shed 1.2%, while Solana (SOL-USD), the fourth-largest, dropped 0.8%.
XRP (XRP-USD) lost 1%, Dogecoin (DOGE-USD) was 0.2% lower, Cardano (ADA-USD) slumped 2.1%, and Toncoin (TON-USD) dipped 0.3%.
The US 10-year Treasury yield closed at 4.255%, up from Thursday’s 4.25%, while the five-year Treasury yield closed at 4.269%, up from 4.262%.
The total market value of the cryptocurrency industry dropped 1% in the past 24 hours to $2.34 trillion. Trading volume decreased 1.1% to $68.75 billion. Meanwhile, the volume of all stable coins, which settled at $52.44 billion, accounted for 92.36% of the total crypto market 24-hour volume
