BTC Price Rebounds to $66,000 as Spot Bitcoin ETFs Break Entry Streak (Market Watch)

On the day when all eyes were on Ethereum due to the launch of numerous spot ETFs tracking ETH, the price of bitcoin dropped from over $67,000 to below $66,000 before recovering to the latter .

Avalanche and FET have declined more than the large-cap and mid-cap highs, while PEPE and MKR have gained more.

BTC drops to $66,000

The biggest digital asset headed south on Friday morning as it dropped to a multi-day low below $63,500. However, it rebounded in the following hours, especially on Saturday, and jumped to just over $67,000.

While weekends are generally less volatile, this one was not due to more political developments on the US presidential election front. Joe Biden announced that he would withdraw from the 2024 race, which led to an immediate $2,000 price drop for BTC on Sunday.

However, the asset soared by more than three thousand on Monday and hit a 6-week high of more than $68,400. However, he was unable to sustain his run and dropped to $66,000 yesterday. There was more volatility when Ethereum ETFs started trading yesterday, but the bears eventually got the upper hand.

They pushed bitcoin below $65,600 hours ago, but the asset has managed to regain some ground and now sits inches above $66,000. These declines came as Bitcoin ETFs posted nearly $80 million in outflows, snapping a 12-day bullish streak.

Its market cap has fallen to $1.3 trillion in CG, while its dominance of the highs remains at 51.7%.

Bitcoin/Price/Chart 07/24/2024. Source: TradingView ETH on Ethereum spot day

As mentioned above, the community focused on Ethereum due to the launch of almost ten spot ETH ETFs in the States months after their initial approval. The underlying asset faced some volatility early on, moving from above $3,500 to $3,400. However, it has since calmed down to $3,450.

Solana, Dogecoin, Avalanche, Chainlink, and FET are among the top performers among today’s largest-cap alternatives, while PEPE and MKR have gained the most.

The rest are less volatile today. The total crypto market capitalization has retreated around $30 billion and is down to $2.520 trillion in CG.

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