Bitcoin ETF Update: Crypto Prices Today Reflect Market Movements
Bitcoin ETF Trends and Current Market Landscape
On October 8, the cryptocurrency market faced notable declines, particularly with Bitcoin (BTC) falling over 2% to $62,300. Following recent highs, investors are cashing in profits, leading to a distinct drop across the major cryptocurrencies. As of 1:34 pm IST, Bitcoin was trading at $62,264, just below its recent peak of $64,000, and is anticipating catalysts for market movements.
Crypto Price Trends Today
- Ethereum (ETH) fell by 2.5% to $2,426.
- Dogecoin plunged 6.1%, while Shiba Inu fell 6.7%.
- Overall, the global cryptocurrency market cap dropped by 2.1% to approximately $2.17 trillion.
According to market analysts, the current crypto downturn can be attributed to the anticipated U.S. CPI and PPI data release, which are expected to increase market volatility. The capital flow into stablecoins has surged, now comprising 91.3% of the total crypto market volume, amounting to $72.93 billion.
While Bitcoin’s market cap rests at $1.230 trillion with a dominance rate of 56.86%, traders are closely observing whether it can maintain levels above $60,000 amid potential volatility from upcoming Bitcoin liquidations by the U.S. Government.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.