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Why are cryptocurrencies falling today? The beginning of the outflows
The global cryptocurrency market has significantly declined since Bitcoin (Bitcoin) fell close to the $66,000 mark.
Second data provided by CoinGecko, the global cryptocurrency market capitalization has fallen by 4.6% in the last 24 hours and stands at $2.63 trillion at the time of writing. Daily trading volume, however, increased 42% to $134.77 billion, according to CoinGecko.
The market-wide decline comes as the leading cryptocurrency, Bitcoin, fell from $70,000 to $66,400 in the past 24 hours. BTC’s market capitalization currently hovers around the $1.3 trillion mark with a 24-hour trading volume of $40 billion.
Additionally, Bitcoin ETFs saw a total net outflow of $85.7 million on April 1, according to data from Farside Investors. The data shows these investment products reached up a total of $862 million in inflows last week.
BTC ETF Net Flows – April 2 | Source: Farside Investors
On March 31, Tether, the company behind the largest stablecoin, purchased 8,888 Bitcoin for 618 million dollars: the average price of each coin is 69,531 dollars. The company currently holds over 75,000 BTC at an average price of $30,305.
Buy sauce?
Some investors and social media users are discussing the possibility whale manipulations and even the purchase of the “dip”.
Social volume for “buying,” “buying on the dip,” and “selling” – April 2 | Source: Santimento
According to data provided by Santiment, “buy the dip” requests have skyrocketed in the past 24 hours, dominating 33.55% of the total social volume around cryptocurrency-related topics.
Most social media conversations talking about the potential purchasing opportunity come from Reddit and 4chan, according to Santiment.
Data shows that social media conversations about another sale dominate just 2.46% of total conversations and posts.