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Bitcoin Plunges Below $87K as Crypto Weakness Worsens
Source: CryptoNewsNet Original Title: Bitcoin Plunges Below $87K as Crypto Weakness Worsens Original Link: Major cryptocurrencies fell during U.S. morning hours Monday, continuing a now crystal-clear pattern of relative poor performance while American stocks trade.
Trading fairly flat just below $90,000 overnight, Bitcoin plunged to $86,800 in mid-morning U.S. trade.
“Since the Bitcoin spot ETF began trading, had you only owned it after hours (buy the close, sell the next open), it’s up 222%,” noted market analysts. “Had you only owned intraday (buy the open, sell the close), it’s down 40.5%.”
Crypto stocks also started the week significantly lower with major crypto-related companies down approximately 7%. Certain blockchain platforms fell more than 5% while trading platforms faced smaller declines of about 2%. Several crypto exchanges, which saw gains late last week on new feature approvals, pulled back around 10% Monday.