Crypto Market Plunges 2.27% to $2.96 Trillion Amid Bitcoin Decline

Bitcoin's price has fallen below the $86,000 ETF cost basis as the overall market takes a downturn. The total crypto market value dropped by 2.27% to $2.96 trillion.

XRP was one of the hardest hit assets, plummeting 5.8%, followed closely by Dogecoin at 8.3% and Hedera at 9.9%. Uniswap also reversed its gains from Tuesday's CME listing, wiping out its entire spike.

Perpetual funding rates on OKX turned negative for both Bitcoin and Ethereum swaps, indicating that investors are paying to hold these positions rather than selling them.