Bitcoin Drops Below $66,000: Avalanche and Dogecoin Fall by 4% on July 24

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The cryptocurrency market saw a drop in prices on Wednesday, with major coins like Bitcoin, Ethereum, Solana, and Dogecoin trading lower. The overall market value of cryptocurrencies decreased by 0.64% to about $2.39 trillion in the last 24 hours.

At 12:35 PM IST, Bitcoin (BTC) was down 1%, trading at $65,906. Ethereum also fell by 0.25%, priced at $3,439. This happened after new Ether ETFs were introduced on Tuesday.

According to CoinSwitch Markets Desk, Bitcoin's fall below $66,000 came after creditors of the now-closed Mt. Gox exchange started receiving their Bitcoin through Kraken, a U.S.-based exchange. After waiting for nine years, these creditors received around $9 billion worth of Bitcoin and Bitcoin Cash.

Other popular cryptocurrencies like Solana, Dogecoin, Avalanche, Polkadot, and NEAR Protocol also saw price drops ranging from 0.6% to 4.4%. However, BNB, XRP, Toncoin, and Tron saw gains of up to 1.5%.

Stablecoins, which are cryptocurrencies backed by assets like the US dollar, had a trading volume of $76.98 billion, making up 92.61% of the total crypto trading volume in the last 24 hours.

Bitcoin's market value fell to $1.302 trillion, and its dominance in the market is currently at 54.3%. In the past 24 hours, Bitcoin's trading volume decreased by 24%, down to $32.8 billion.