Thursday, May 30, 2024, Bitcoin (BTC) saw a pullback after touching the $70,000 mark earlier this week. Since then, the leading cryptocurrency has failed to maintain the momentum and has retreated to $67,000, marking a notable slowdown in its value.

In parallel, the meme coin Pepe (PEPE), which recently reached new records, also suffered a significant drop near $0.00001313, losing almost 15% of its value in just one day. Other cryptocurrencies such as SHIB, DOT, DOGE and WIF followed suit, recording substantial losses.

Bitcoin’s price rollercoaster was intensified by news of the launch of an Ethereum ETF, which initially took the coin to nearly $72,000. However, this rally was short-lived as Bitcoin faced a rejection that saw it fall to $66,400. After a brief recovery that put it back around $68,000. At the time of publication, the price of BTC was quoted at US$68,115.75, up 0.5% in the last 24 hours.

Cryptocurrency market today

The scenario was completed by losses for Binance Coin, which fell below the $600 level, and Ethereum, which fell 2% to $3,750 and almost 4% in 7 days. The total value of the cryptocurrency market recorded a reduction of more than US$60 billion, showing a widespread contraction.

PEPE and WIF, which had shown exceptional performance in recent days, also faced setbacks. While PEPE plummeted, WIF also recorded a drop of more than 11%. The altcoin market, including SHIB, DOT, DOGE, SOL, and NEAR, has also seen significant declines in their valuations.