Bitcoin Price Drops Below $86,000 as Cryptocurrency Market Declines

The total value of the cryptocurrency market decreased by 2.27%, bringing it to approximately $2.96 trillion. Bitcoin's price fell below the $86,000 cost basis associated with exchange-traded funds (ETFs), reflecting a broader downturn in the market.

Other cryptocurrencies also experienced significant declines, with XRP dropping by 5.8%, Dogecoin by 8.3%, and Hedera by 9.9%. Uniswap, which had seen a spike following its listing on the Chicago Mercantile Exchange, has since lost all of those gains.

In addition to the cryptocurrency market, U.S. equities and gold also closed lower, indicating a widespread market correction. Perpetual funding rates for both Bitcoin and Ether swaps on the OKX exchange turned negative, further highlighting the bearish sentiment across the market.

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Source: KLEA News