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BTC Maintains $70K Despite Heightened GBTC Outflows, WIF Plummets Again (Market Watch)

Bitcoin’s price slipped to and under $70,000 yesterday, but the asset has reclaimed that level despite the growing outflows from Grayscale’s BTC ETF.

Most altcoins are slightly in the red today, led by losses from TON, NEAR, ARB, FIL, APT, and WIF.

BTC Back to $71K

It was just a little over a week ago when the price of primary cryptocurrency tumbled hard amid reports that the US government plans to sell more BTC. The asset had fallen to $64,500 at the time.

However, it began its recovery a day later, and despite the initial resistance, Bitcoin had gained around five to six grand by the end of the business week and stood at approximately $69,000 during the weekend.

It registered an unsuccessful attempt to overcome $70,000 on Sunday, but that level fell on Monday when the cryptocurrency skyrocketed to a multi-week peak of just over $72,500.

Nevertheless, that was short-lived, and the asset started to lose traction on Tuesday and Wednesday. The more intense price decline came after the US CPI numbers for March when BTC slumped to $67,500.

The bulls returned and propelled another leg up that resulted in Bitcoin jumping to $71,000. It has remained close to that level as of now as well, but its market capitalization has slipped to just shy of $1.4 trillion. Its dominance over the alts, though, is up to 50.6% on CG.

Interestingly, BTC’s price has remained above $70,000 even though the outflows from Grayscale’s GBTC fund have accelerated once again after the recent stagnation.

BTCUSD. Source: TradingView

WIF Keeps Dropping

The rising BTC dominance means that most alts have suffered today, which is indeed the case. ETH has slipped by about 2% and is down to $3,520. TON and NEAR have declined the most from the larger-cap alts, but DOGE, ADA, AVAX, SHIB, BCH, and DOT are also in the red.

WIF has lost the most value out of the top 100 alts. The popular meme coin is down by 10% and sits below $3.5. Recall that it had soared past $4 just a few days ago.

The total crypto market cap has lost around $40 billion overnight and is down to $2.750 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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