Bitcoin has dropped over 1%, holding above $118,000. Altcoins have lost more than $20 billion in market capitalization, indicating a technical correction as sellers regain dominance. A recent US-Japan trade agreement is boosting equities and trade hopes, easing fears of a global trade war. Institutional adoption is rising, with Dynamix merging to manage over $1.5 billion in Ethereum, suggesting growing trust in crypto. Traders are profit-taking as sellers control over 52% of Bitcoin futures trading volume, although long liquidations have not occurred, preventing a deeper correction.
Bitcoin's price has declined by more than 1% today but remains above the $118,000 mark, reflecting a technical correction rather than widespread panic.
The total market capitalization of the altcoin market has dropped by over $20 billion, indicating sharper losses compared to Bitcoin amidst a broader positive market backdrop.
The recent U.S.-Japan trade agreement, which reduces tariffs and facilitates investments, has raised hopes for broader trade deals and positively influenced market sentiment.
Institutional adoption in the crypto market is growing, exemplified by Dynamix's merger to manage significant Ethereum assets, signaling increasing trust among investors.
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