Crypto Market Correction: Bitcoin Dives as Oil Prices Soar
The cryptocurrency market is experiencing another wave of selling pressure, with Bitcoin's price dropping to around $77,000 after failing to sustain its recent recovery. The BTC price declined from $78,500 in the past 24 hours, while other popular altcoins also fell significantly due to selling pressure.
The broader crypto market shows clear signs of weakness, with total market capitalization down about 1.55% over the past 24 hours to $2.62 trillion. Trading activity has picked up, with the 24-hour volume at roughly $84.3 billion, up about 3.1%. Bitcoin remains the market's anchor, with BTC dominance at 59%, but it is also under pressure.
The decline comes as investors grow more cautious across global financial markets. Rising oil prices, inflation concerns, and changing FED expectations are pushing investors toward a more defensive stance. The probability of a 25-basis-point FED rate hike next week has risen to around 71%, up from 61% in the previous sessions.