Crypto Market Tumbles 0.54% as Bitcoin Falls Below $65K
The cryptocurrency market experienced a decline of 0.54% on July 24, reaching $2.22 trillion in value.
Bitcoin slipped below the psychologically significant price of $65,000, trading at around $64,799. This drop took BTC to its 50-day exponential moving average of approximately $65,145, marking a 2.70% decline over the last two trading days.
Ethereum's price also extended its correction, falling to around $1,800 after failing to hold above the $1,900 resistance area. XRP and Dogecoin weakened, with traders becoming less exposed to risk-sensitive assets.
The institutional demand for Bitcoin was weakened due to new outflows from Bitcoin ETFs, which totaled $225 million on July 23. This ended a seven-day streak of inflows and raised concerns about the broader market's sentiment.