The cryptocurrency market took another blow over the past 24 hours, with BTC once again entering red territory.
ETH and many leading altcoins have followed suit, posting even larger losses, while DEXE, HASH, and RAIN are among the few gainers today (June 23).
Renewed BTC Correction
The primary cryptocurrency attempted a decisive recovery yesterday (June 22), briefly crossing $65,000. However, that resurgence was short-lived, and the bears regained control, suppressing the valuation to the current $62,000 (per TradingView’s data).
BTC Price, Source: TradingView
The reasons behind the new pullback are various and include constant outflows from spot BTC ETFs, FUD following reports that some OG investors have begun dumping their holdings, the strengthening dollar, and the recent executive order signed by Donald Trump. The directive aims to advance research and development of quantum computing, which is seen as a major threat to bitcoin and crypto.
Needless to say, the asset’s price decline has negatively affected numerous traders who had previously opened too risky positions. According to CoinGlass, liquidations over the past 24 hours have surpassed $700 million, with BTC trades accounting for around 30% of the total.
Crypto Liquidations, Source: CoinGlass
Its market capitalization has plunged to roughly $1.25 trillion on CoinGecko, but its dominance over the altcoins remains rather unchanged at around 56.3%.
Alts Are Also Bleeding
Most of the well-known altcoins have fared even worse than the market leader. ETH is down 6% for the day, trading around $1,650, while Ethena (ENA), Worldcoin (WLD), and Stellar (XLM) have slipped by 9-10%.
Solana (SOL) and Hyperliquid (HYPE), which recently staged an evident rebound, also headed south, whereas DeXe (DEXE) and Provenance Blockchain (HASH) are among the few rays of hope. The former soared by 47% over the last 24 hours, and the latter pumped by 26%. Rain (RAIN) is also in green territory, albeit registering a more modest increase.
The total crypto market cap has erased around $120 billion in a single day and is now below $2.23 trillion as of press time.
Cryptocurrency Market Overview June 23; Source: QuantifyCrypto
