The crypto market is experiencing a considerable downturn today, with a total market cap drop of $91 billion in the last 24 hours, bringing Bitcoin (BTC) down to $61,557. This bearish trend has affected several altcoins, particularly Starknet (STRK), which reported an 11% decline.
In recent news, Bitwise Asset Management has filed for a new entity named Bitwise XRP ETF in Delaware, with CSC Delaware Trust Company serving as the registered agent. Delaware's business-friendly climate makes it an attractive location for corporate filings.
On Tuesday, spot Bitcoin ETFs collectively recorded $242 million in outflows. This coincided with Bitcoin’s price slipping to $61,000, resulting in the highest outflow rate seen in three weeks.
The total crypto market cap has fallen below the key support level of $2.11 trillion. The ongoing geopolitical tensions between Iran and Israel are influencing the overall market sentiment negatively.
Bitcoin’s price has dropped sharply from $66,000 to $61,000 within 48 hours, although it is making a slight recovery. Maintaining the support level of $61,557 could indicate a potential reversal for Bitcoin.
Starknet is among the day’s biggest losers, down 11% to $0.39. For a bullish outcome, it must convert the $0.43 resistance into a support level.
