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The cryptocurrency market went through a volatile process this week due to critical developments. Bitcoin (BTC), the leading cryptocurrency that surpassed the $28,000 level on Tuesday Bitcoin (BTC), experienced a decline again during the week and dropped to $25,400 levels yesterday.
Bitcoin (BTC) Falls Below $26,000 Level
Grayscale winning the SEC case led to a strong surge in the cryptocurrency market on Tuesday, but it declined again during the week. With SEC’s postponement of the Spot Bitcoin ETF applications, most altcoins in the cryptocurrency market experienced a decline and accelerated their value losses.
Bitcoin (BTC), the leading cryptocurrency, dropped to $25,400 levels yesterday after surpassing the $28,000 level on Tuesday. BTC, which started the weekend with volatility, began trading at around $25,800 with its recent price movements.
Current Situation in the Crypto Market
With the leading cryptocurrency falling below the $26,000 level, most altcoins in the cryptocurrency market also experienced varying degrees of value losses. Ethereum (ETH), which lost an average of 0.8% in the last 24 hours, started trading at $1630. Additionally, XRP, which recorded a loss of nearly 2%, became the cryptocurrency with the highest value loss among the top 10 cryptocurrencies by market capitalization in percentage terms.
The total market value of the crypto ecosystem declined to $1.04 trillion, according to CoinMarketCap (CMC) data. The volatility in the cryptocurrency market also increased at the beginning of the weekend. According to Coinglass’s latest data, the cryptocurrency market saw approximately $100 million worth of short and long positions liquidated in the last 24 hours.
On the other hand, despite the downward trend in the cryptocurrency market and the value losses in BTC, there were also cryptocurrencies that continued to rise and stood out from the market. Toncoin (TON), which recorded double-digit value increases in the last 24 hours, became the cryptocurrency with the highest percentage increase among the top 100 cryptocurrencies by market capitalization, according to CMC data.
