Bitcoin (BTC), ETH, SHIB Slide Amid Asian Market Developments

Following the last week of upside, Bitcoin (BTC) along with the broader crypto market has come under selling pressure in the early trading hours on Monday.

Bitcoin (BTC) price fell 1.97% over the past 24 hours to trade at $64,536 levels at press time as the broader crypto market also faced the selling pressure early on Monday. The BTC price had a turbulent week last week, clocking over $65,000 levels briefly following the last Fed rate cuts. However, the price quickly slipped back as geopolitical developments and other market trends put pressure on the asset.

The BTC price saw a stunning run-up this month while beating the market’s subdued expectations with 9% gains. Although the bulls tried to hold the BTC price above $65,000 levels, the developments in the Japanese market have putting some selling pressure on the asset. Other geopolitical developments like Israel killing Hezbollah leader Hassan Nasrallah also added to the uncertainty.

While the crowd has been waiting for a fresh all-time high for BTC following the Fed rate cuts, it won’t come very easily. Crypto analytics platform Santiment reported that social sentiment has skyrocketed highly and thus, the crowd might need to wait a bit to see a new all-time high. It noted that currently there are 1.8 bullish posts for BTC for every bearish post. “Markets historically always move the opposite direction of crowd’s expectations,” noted Santiment.

In a message last week, popular crypto analyst Ali Martinez wrote: “I think the best way to mess with everyone’s dreams would be for Bitcoin to drop to $60,000, rebound to $66,000, retrace back to $57,000, and finally break out towards $78,000!”

However, last week’s inflows into spot Bitcoin ETFs show that institutions are back in the game buying the recent dips.

Other crypto prices today showed mixed trends, with Ethereum (ETH), BNB Coin (BNB), Dogecoin (DOGE), and others seeing 2.4% corrections. On the other hand, XRP defied the broader market correction and clocked 5.3% gains to move to $0.645 levels. Meme coins have suffered the most today after last week’s party, with Dogecoin (DOGE) and Shiba Inu (SHIB) correcting 5-8% today.

Among other top altcoins, BNB Coin, XRP, Cardano (ADA), Solana (SOL), Polkadot (DOT), Shiba Inu, Litecoin (LTC), Chainlink (LINK), Stellar (XLM), and Uniswap (UNI) slipped between 0.5% to 3%.

The broader crypto market capitalization fell 0.78% over the past 24 hours to reach $3.03 trillion, while trading volumes also fell 21.3% to reach $166.44 billion.

The total DeFi market value now stands at $160.14 billion, accounting for 52.87% of the total crypto market capitalization. Meanwhile, the total volume of all stablecoins now stands at $151.03 billion, which is 49.41% of the total 24-hour volume in the crypto market.

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