Crypto Market Cap Sinks as Bitcoin Falls to $60,000

The market price of Bitcoin fell to $60,300 on Wednesday due to strong retail selloffs in major names in the cryptocurrencies markets.

The market price of Bitcoin fell to $60,300 on Wednesday due to strong retail selloffs in major names in the cryptocurrencies markets. Due to selloffs, the global crypto market cap has dropped by 3.48% over the day to $2.23 trillion, while trade volume climbed to $67.31 billion.

At the time of writing, the total volume in DeFi traded has reached $4.62 billion, which accounted for 6.86% of the total crypto market 24-hour volume. Also, the stable coins volume, which printed at $62.72 billion, accounted for 93.18% of the total crypto market 24-hour volume.

On Tuesday, most major digital assets were mixed, with bitcoin (BTC-USD) dropping below $62,000. The CoinDesk Market Index, which tracks 192 digital assets, was 1.9% lower in the past 24 hours.

At the same time, the NASDAQ rose 0.8%, the S&P 500 climbed 0.5% and the Dow Jones Industrial Average advanced 0.4%. Bitcoin (BTC-USD), the largest cryptocurrency by market value dropped to $61,833 late evening in the market, while trading volume declined 24% to $20.66 billion.

Ethereum (ETH-USD), the second-largest digital asset, dropped to $3,414. On Wednesday, the bearish play in the crypto market dragged the Ethereum asset to $3,300, losing about 3.5% in the last 24 hours.

BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, fell 0.7%, while Solana (SOL-USD), the fourth-largest, climbed 3.8%. XRP (XRP-USD) rose 1.2%, Cardano (ADA-USD) gained 3.3% and Toncoin (TON-USD) climbed 4.6%, while Dogecoin (DOGE-USD) shed 0.6%.

Bitcoin had rebounded to $63,000 before it relapsed again. The orange token wrapped up a strong first half, notching a 42% increase since its first deal back in January. Early in January, the US Securities and Exchange Commission approved the 11 investment vehicles that hold genuine Bitcoin.