Major cryptocurrencies traded mixed on Monday evening as the bullish momentum that drove Bitcoin to achieve an all-time high of $73,835 on March 14 appears to be diminishing.
Cryptocurrency
Gains +/-
Price (Recorded 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC)
-3.12%
$65,733
Ethereum (CRYPTO: ETH)
-5.48%
$3,405
Dogecoin (CRYPTO: DOGE)
+4.93%
$0.15
What Happened: The decline in Bitcoin's price comes with the belief of some investors that the BTC market has become overheated following the approval of spot ETFs.
Analysts say that the pre-halving drawdown is happening at the same time as the upcomingFederal Open Market Committee(FOMC), which is set to conclude on March 20.
Spot Bitcoin ETFs experienced a surge in inflows last week, reaching a record high. However, according to...