In the volatile world of cryptocurrency, the prices of major digital assets have taken a significant hit on June 18th. The global crypto market cap saw a substantial 3% decline, with Bitcoin (BTC) and Ethereum (ETH) leading the bearish charge.

Bitcoin Nosedives to $65K

The flagship cryptocurrency, Bitcoin, experienced a sharp drop, plummeting to $65,374.98, a 1.39% decrease over the past day. The token's 24-hour lows and highs were $64,597.25 and $67,252.08, respectively. This decline comes amid massive outflows from U.S. spot BTC ETFs, which saw nearly $146 million in withdrawals.

Ethereum Sinks 5%

Ethereum, the second-largest cryptocurrency, also showed signs of a pullback, trading 4.39% lower at $3,428.45. The token's 24-hour lows and highs were $3,371.59 and $3,591.67, respectively, reflecting the bearish sentiment.

Altcoins Follow Suit

The broader crypto market mirrored the tumbled movement, with altcoins such as Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) experiencing significant declines of 9% to 13%. However, XRP, the Ripple-backed cryptocurrency, managed to defy the broader market trend, trading slightly higher with a 0.33% gain.

Bearish Sentiment Prevails

The overall crypto market sentiment remains bearish, as evidenced by the 3.14% decline in the global crypto market cap, which now stands at $2.35 trillion. The total crypto market volume from the previous day also spiked by 104.01% to $94.07 billion, reflecting the heightened trading activity.

Analysts attribute this bearish trend to the recent hawkish stance taken by the U.S. Federal Reserve, which has triggered significant outflows across the crypto sector.

Despite the current market downturn, industry experts remain cautiously optimistic about the long-term prospects of the cryptocurrency market. As the crypto ecosystem continues to evolve, investors are advised to exercise caution and diversify their portfolios to mitigate the risks associated with the volatile nature of digital assets.