Bitcoin Dips Following U.S Government's Sell-off, While ETH and XRP Soar

The crypto market witnessed mixed price actions with notable price corrections from leading cryptocurrencies while others rallied briefly.

The crypto market displayed contrasting price movements on Monday, with some leading cryptocurrencies facing price corrections while others showed brief rallies.

According to data from CoinMarketCap, the global crypto market capitalization decreased by 1.37% in the last 24 hours, reaching $2.39 trillion as of press time. This decline follows a positive trend in crypto prices over the last seven days, with a gain of 4.38%.

However, the market recorded a total trading volume of $64.58 billion, showing a slight increase of 3.05% over the past 24 hours.

Bitcoin Price Drops After U.S. Government Sell-Off

Bitcoin prices faced a downward trajectory on Monday as the coin faced pressure from the massive sell-off by the U.S. government, which sold off $2 billion worth of Bitcoin on Friday.

The world's largest cryptocurrency dropped significantly below the $69,000 mark it reached on Friday.

Bitcoin is currently trading at $66,268, showing a decrease of 1.60% over the last 24 hours.

SOL and BNB also faced a downward trend, with their prices decreasing by 2.66% and 0.89%, respectively.

At the time of writing, SOL and BNB are priced at $180 and $574, respectively.

Bitcoin still leads the crypto market, accounting for 54.8% of the total market capitalization. 81% of investors remain bullish on the coin.

ETH, XRP Prices Rise

In a contrasting move, Ethereum and XRP prices showed resilience amid the overall negative trend in the crypto market on Monday, with Ethereum showing a slight increase and XRP recording gains of over 5%.

Over the last 24 hours, Ethereum recovered most of its losses from earlier in the day, showing a modest surge of 1.11%, reaching $3,318. XRP, on the other hand, showed the most significant gain, trading at $0.6297 as of press time, indicating an increase of 5.75% over the last 24 hours.

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