Bitcoin Price Dropped Hard: What Happens Now? There is a Big Warning!

The cryptocurrency market experienced a sharp decline today and bear market sentiment prevailed in general. While the Bitcoin (BTC) price dropped below $62,000, the Ethereum price dropped to $3,400. Solana (SOL), XRP and popular “meme coins” also lost between 2% and 6%. With this decrease, the global cryptocurrency market value decreased by 2.37% to 2.29 trillion dollars. However, the volume in the last 24 hours increased by 23.68% and reached 42.51 billion dollars.

Bitcoin price lost value today

Bitcoin price fell 2.40% today to $62,897.78. In the last 24 hours, the lowest was recorded as $62,683.01 and the highest was $64,408.84. Bitcoin’s market dominance increased by 0.03%, reaching 54.15%. The market value decreased to 1.23 trillion dollars. Ethereum price is down 3.04% today and is currently trading at $3,405.66. In the last 24 hours, the lowest was recorded as $3,387.72 and the highest was $3,519.32. The market value of Ethereum decreased to 416.35 billion dollars in the last 24 hours.

Solana price is currently trading at $126.84, down 5.73%. In the last 24 hours, the lowest was recorded as $126.53 and the highest was $134.90. Backed by Ripple Labs, XRP is currently trading at $0.4768, losing 2.39%. In the last 24 hours, the lowest was recorded as $0.4743 and the highest was $0.4888. The chest coin segment also followed the general market movements. DOGE price decreased by 2.42% in the last 24 hours to $0.1218. For example, Shiba Inu (SHIB) and Pepe coin (PEPE) also lost between 4% and 8% in value. SHIB is currently trading at $0.00001742, while PEPE is trading at $0.00001088.

Are there also rising cryptos?

Although there was a decline in the market in general, UNUS SED LEO (LEO) made a small gain by trading at $ 5.78 with an increase of 0.41%. On the other hand, LayerZero (ZRO) decreased by 12.18% to $2.73. JasmyCoin (JASMY) fell 10.77% to $0.02949 and dogwifhat (WIF) fell 10.45% to $1.61. Ethereum Name Service (ENS) was also among the cryptocurrencies that fell by 10.31% to $ 22.89. Looking at the hourly time frames, it is seen that BTC, ETH and SOL decreased more. However, XRP, DOGE and SHIB moved in the opposite direction and made gains in the same time period.

A warning came to investors with the information on Bitcoin futures

While the selling pressure on the Bitcoin price continues, it seems that the futures market is not as exciting as before. Currently, the profitability of cash-to-delivery trading in Bitcoin futures is rapidly decreasing. The profitability of cash-to-delivery trading in Bitcoin futures is declining. This situation continues with the selling pressure on the BTC price.

Previously, almost risk-free 10% annual returns could be achieved in Bitcoin futures processes. But now this return has dropped to 3%. The reason for this decrease is collateral costs and the capital required to hold Bitcoin. If returns fall below the risk-free rate of return, Bitcoin futures may lose their appeal. Experts predict that the Bitcoin price may drop to $60,000 and the market will set a new price range.