Bitcoin Drops Below ETF Cost Basis as Crypto Markets Decline

Crypto markets declined on September 23 as Bitcoin (BTC) fell below the $86,000 cost basis for exchange-traded fund holders. The total crypto market value dropped by 2.27% to $2.96 trillion.

XRP and Dogecoin suffered significant losses with XRP down 5.8% and Dogecoin falling 8.3%. Hedera also took a hit, losing 9.9% of its value.

The decline in crypto prices was mirrored by the performance of US equities and gold, which also saw a fall. The negative perpetual funding on OKX for both Bitcoin and Ether swaps indicated that short positions were profitable to hold.