Bitcoin falls to $69,000 after failing to pass $72,000 resistance level

Bitcoin falls to $69,000 after failing to pass $72,000 resistance level

Total value of cryptocurrency market stands at $2.57 trillion with 1.79% daily loss

By Ovunc Kutlu

ISTANBUL (AA) - Bitcoin fell to almost $69,000 on Wednesday, after it failed Tuesday to surpass the $72,000 resistance level.

The price fell to as low as $69,191 earlier Wednesday, while it was trading just above $69,500 around 10.10 a.m. EDT for a daily loss of 0.4%, according to data from CoinMarketCap, a digital asset price-tracking website.

Ethereum, the world's biggest altcoin by market cap, was down 2.8% to $3,682, after climbing above $3,800 the previous day.

Although some altcoins saw their prices soar more than 20% on Tuesday, they were down as much as 8% on Wednesday.

The total value of the cryptocurrency market stood at $2.57 trillion with a 1.79% daily loss at that time, while Bitcoin's share of the crypto market, known as dominance, was at 53.3%. Ethereum's was at 17.2%.

The recent selloff is mostly the result of investors taking profits from Bitcoin and cryptocurrencies' rallies since the beginning of the month, according to analysts.

Bitcoin plummeted below $57,000 on May 1 for the first time in more than two months, marking its lowest since Feb. 27.

It reached an all-time high of $75,830 on March 14, according to cryptocurrency exchange platform Binance.

The cryptocurrency market experienced a selloff during that period as investors' demand for Bitcoin fell following its halving in April.

Since then, however, Bitcoin ETFs, or exchange-traded funds, saw net inflows of $948.3 million last week, which have now surpassed $12.5 billion, since ETFs started trading in January, according to The Block, a New York-based data and research firm specializing in digital currencies.

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