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Bitcoin drops below $86,000 ETF cost basis, crypto market cap falls to $2.96 trillion.
Bitcoin's price fell below the ETF cost basis of $86,000, leading to a broad downturn across the crypto market. The total crypto market capitalization dropped by 2.27% to $2.96 trillion. Among individual assets, XRP fell by 5.8%, Dogecoin by 8.3%, and Hedera by 9.9%. Uniswap erased all gains made since its CME listing on Tuesday. On OKX perpetual contracts, funding rates for both Bitcoin and Ethereum turned negative. Additionally, U.S. stocks and gold closed lower.
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