On a day when all eyes were on Ethereum due to the launch of several spot ETFs tracking the price of Ethereum, the price of Bitcoin fell from more than $67,000 to less than $66,000 before recovering again to its current level above $66,000.
Major and mid-sized altcoins saw a notable decline, with Avalanche and FET falling the most, while PEPE and MKR saw the biggest gains.
Bitcoin price stabilizes above $66,000:
The largest digital currency, Bitcoin, headed south last Friday morning, as the price of the coin fell to a multi-day low, recording below $63,500.
Then, prices witnessed a recovery in the following hours, especially on Saturday, when the price of Bitcoin rose slightly above $67,000.
Although weekends are usually less volatile, this was not the case due to recent political developments in the US presidential election.
Joe Biden announced his withdrawal from the 2024 election race, leading to an immediate $2,000 drop in the price of Bitcoin on Sunday.
Then, the price of Bitcoin rose more than $3,000 by Monday, reaching a 6-week peak of $68,400.
Bitcoin could not maintain this advance, and the price of the coin fell to $66,000 yesterday.
More volatility ensued upon the launch of Ethereum ETFs, with the bears eventually taking control.
This pushed the price of Bitcoin below $65,600 hours ago, but Bitcoin has managed to recover some of the losses and is now trading above the $66,000 level.
These declines came with outflows of around $80 million from Bitcoin ETFs, breaking the positive 12-day streak of inflows.
Bitcoin's market cap fell to $1.3 trillion on coingecko, while its dominance over altcoins remained at 51.7%.
