CandleFocus DOGE, XRP Lead Crypto Majors Decline as Bitcoin ETFs Bleed $80M
2024-10-23
Author: Content Editor
Bitcoin's failure to sustain a rally towards $70,000 has led to a decline in the broader crypto market, with the CoinDesk 20 index falling by almost 2%. U.S.-listed Bitcoin ETFs also experienced a net outflow, suggesting a shift in investor sentiment or profit-taking. Stablecoin volume, which typically correlates with liquidity and buying power in the crypto market, has not grown, potentially signaling a slowdown in market growth. Dogecoin (DOGE) and XRP led losses among major tokens, while smaller tokens like Bonk (BONK) and APE also saw significant drops. Traders believe Bitcoin will reach $80,000 in the coming weeks due to upcoming U.S. elections. A pause in stablecoin issuances and a key resistance level for Bitcoin were cited as reasons for the market downturn.
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