Summary:
The cryptocurrency market has experienced a significant decline, losing over $150 billion in value, led by assets like Bitcoin. The drop is believed to be linked to geopolitical tensions in the Middle East, with Bitcoin falling below $104,000. Despite this, Bitcoin ETFs continue to attract investor interest, with over $1.46 billion flowing into BTC ETFs over the past five days.
The Cryptocurrency Market Takes a Hit
The cryptocurrency market has taken a sharp hit, shedding over $150 billion in value, with major assets like Bitcoin (BTC) leading the downturn. As of press time, the total market capitalization stood at $3.23 trillion, down from $3.39 trillion just 24 hours earlier, reflecting a $160 billion loss.
Bitcoin Falls Below $104,000
At the center of the sell-off, Bitcoin fell below the crucial $104,000 level. At the time of reporting, it was trading at $103,895, down nearly 4% on the day and 2% over the past week.
Bitcoin ETFs Continue to Attract Interest
Despite the broader slump, Bitcoin exchange-traded funds (ETFs) have continued to attract investor interest. According to on-chain data from analytics firm Santiment, more than $1.46 billion has flowed into BTC ETFs over the past five days, dating back to June 9. The steady inflows signal continued institutional confidence, even amid falling prices.
Geopolitical Tensions Drive Market Volatility
Much of the current volatility seems to be driven by fears surrounding the deepening conflict between Israel and Iran. Hopes for a ceasefire are fading, and financial markets, including crypto, are feeling the strain. The situation escalated further following a controversial social media post by President Donald Trump, reigniting concerns about possible U.S. military involvement.
Featured image via Shutterstock
