Bitcoin drops over 4% to two-month low at $57,711
The fall is amid the uncertainty over the US presidential elections and reports of bitcoin supply from a defunct Tokyo-based crypto exchange.
Bitcoin (BTC) surges above $71,000 on early Tuesday, reaching its highest level since early April. Further, the Ether also jumped more than 19 per cent to $3,700.
This surge followed Bloomberg analysts increasing the likelihood of a spot ETH exchange-traded fund (ETF) being approved in the US to 75 per cent.
Additionally, Bitcoin’s trading volume in the last 24 hours saw a significant uptick, soaring by 135 per cent to reach $52.07 billion.
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According to the reports, the Bitcoin ETFs saw total net inflows surpassing $241 million on May 20. BlackRock’s Bitcoin ETF, IBIT, drew in over $66 million in net inflows, while Fidelity’s Bitcoin ETF, FBTC, registered net inflows of $64 million.
In the last 24 hours, the market cap of global cryptocurrency jumped by 7.9% to approximately $2.61 trillion.
The other cryptocurrencies that saw significant gains were BNB, Solana, XRP, Dogecoin, Toncoin, Shiba Inu, Avalanche, and Cardano.
Ethereum, the second-largest cryptocurrency in terms of value, surged by 19.2 per cent to reach $3,667 in today’s trading session.
Over the past day, the market capitalization of Bitcoin surged to $1.402 trillion. As per CoinMarketCap, Bitcoin’s dominance now stands at 53.79 per cent.
In October 2023, the Bitcoin prices regained traction. It hit a record high of $73,803.25 in March. Bitcoin is now higher by over 82 per cent from the year’s low of $38,505 on January 23.
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