Bitcoin Falling Under $63K Causes Market Correction

Bitcoin (BTC) fell below $63,000 in European early hours Tuesday, inflicting a marketwide decline of 8% in 24 hours.


Monday saw big outflows from the Grayscale bitcoin ETF and lower-than-usual inflows on other ETFs. Net outflows were $154 million for the day.


On-chain data firm CryptoQuant stated on X bitcoin short-term holders took profits in the past week, which may have led to selling pressure.


According to CoinGecko, ETH, SOL, BNB, and ADA fell more than 9%.


The meme coin sector lost almost 17% on average, lead by dogwifhat (WIF) and floki (FLOKI) at 18%.


 The sector has gained the most this year but is notoriously unpredictable.


With stablecoins subtracted, the widely used ,


CoinDesk 20 index fell by about 10%.


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