Bitcoin price dips to $65,300 over sustain sell offs

The decline in Bitcoin's price to the $65,300 level on Monday has pulled back the global crypto market cap to $2.38 trillion, translating to a 2.11% decrease over the last day.

The largest cryptocurrencies were modestly down, with one industry analyst citing uncertainty around US spot Ethereum exchange-traded funds as a key factor.

Bitcoin was down 1.81% in the past 24 hours, last trading at about $65,380, according to data compiled by CoinMarketCap. Ethereum decreased by 2.34% to trade at $3,500, as per data from crypto exchanges.

The global crypto market cap fell by 2.11% in 24 hours to $2.38 trillion. The CoinDesk Market Index, which tracks 192 digital assets, was down roughly 1.5% in the past 24 hours.

Michael Van de Poppe, who has 719,800 followers on X and 166,000 on Alphabet’s (GOOGL) YouTube, highlighted the US Securities and Exchange Commission's approval of spot Ethereum ETFs but said there has been a delay in listing, causing market confusion and downturn, due to the two-part approval process involving some applications.

US-traded spot price Bitcoin exchange-traded funds last week saw net outflows of more than $580 million, according to data compiled by Farside Investors.

US markets will be closed on Wednesday for Juneteenth National Independence Day. On Thursday, the Philadelphia Fed Manufacturing Index is due, and Friday brings the manufacturing purchasing managers' index.

Following last week's monetary policy meeting, investors will be focused on an abundance of speakers from the Federal Reserve for more explanation around the current thinking of voting members.

U.S.-listed Bitcoin miners have reached a record market capitalization of $22.8 billion as of June 15, according to JPMorgan analysts.

Cardano's ADAUSDT price meets the criteria to initiate a recovery; however, the chances of a successful rise are bleak.

This is because ADA holders are not coming forward regarding participation, creating a deviation in interest and performance.

At the time of writing, ADA was down 2.38% in the last 24 hours to $0.404 as the crypto market saw selling pressure.

In the coming days, broader market trends and investor sentiment toward cryptocurrencies might also play a significant role in shaping Cardano's price trajectory.

The total crypto market volume over the last 24 hours reached $63.89 billion, which makes a 53.89% increase. The total volume in DeFi is currently $5.21 billion, translating to 8.15% of the total crypto market's 24-hour volume.

The volume of all stable coins is now $58.74 billion, which is 91.94% of the total crypto market's 24-hour volume, according to CoinMarketCap.com. Bitcoin's dominance is currently 54.11%, an increase of 0.17% over the day. #Bitcoin Price Dips to $65,300 amid sustained sell offs