Key Points
- Bitcoin’s (BTC) price has dropped close to the $66,000 mark, leading to a 4.6% drop in global crypto market capitalization.
- Conversations about buying the dip have increased on social media platforms, according to Santiment data.
The worldwide cryptocurrency market has experienced a significant downturn, with Bitcoin’s price nearing the $66,000 mark.
Data from CoinGecko reveals that the overall market capitalization for cryptocurrencies has dropped by 4.6% in the last day, currently standing at $2.63 trillion. Interestingly, the daily trading volume has seen an increase of 42%, hitting $134.77 billion.
Bitcoin’s Downturn
This market decline is associated with Bitcoin’s price drop from $70,000 to $66,400 within the last day. The market cap for Bitcoin is currently around $1.3 trillion, with a 24-hour trading volume of $40 billion.
Bitcoin ETFs also saw a net outflow of $85.7 million on the first day of April, according to Farside Investors’ data. Despite this, these investment products managed to achieve a total of $862 million in inflows last week.
On the last day of March, Tether, the company behind the largest stablecoin, bought 8,888 Bitcoins for a total of $618 million. This puts the average price of each Bitcoin at $69,531. The company now holds over 75,000 Bitcoins, with an average price of $30,305 per coin.
Buy the Dip?
The Bitcoin price drop has sparked discussions among investors and on social media about the possibility of whale manipulations and buying the dip.
Data from Santiment shows that calls for buying the dip have surged over the past day, accounting for 33.55% of total social volume around crypto-related topics. Most of these discussions are happening on Reddit and 4chan.
Conversations about another potential selloff only make up 2.46% of total discussions and posts on these platforms.
