Crypto Market Slumps as Institutional Sales Weigh Down Bitcoin Prices
Bitcoin prices have been weighed down by institutional sales linked to recently launched ETFs, causing a more than 20% decline for some tokens in the past week. Solana's SOL and Avalanche's AVAX both experienced drops of 7% and 9% respectively in the past 24 hours, reversing gains from a meme coin-led revival in December. Dogecoin retraced its entire weekend move to 9 cents driven by speculations of its adoption on social application X's upcoming payments service. Bitfinex analysts predict a considerable price correction even further down from current levels across the market, with some traders expecting bitcoin to fall as low as $38,000 in the coming weeks.
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