Crypto correction: Bitcoin, Ether and the rest of the market fall

The crypto market continues to decline. While Bitcoin temporarily drops below $56,000, some altcoins experience even greater losses.

Instead of rebounding, the crypto market is taking an extended summer vacation. Compared to the previous day, the total market capitalization fell 4.06% to $1.99 trillion. The long-awaited crypto-bullrun remains off for now.

At the time of writing, the crypto-leading coin Bitcoin stands at $56,640 and has lost about 4.01% compared to the previous day. Over the past seven days, the BTC price has fallen a total of 4.12%.

Bitcoin has been in a sideways phase for nearly six months now. The highest price ever of $73,750 was reached on March 14 of this year, but since then the BTC price has stagnated.

The second largest cryptocurrency, Ether, also weakened, falling 5.05% to $2,410. On a weekly basis, ETH has thus lost 2.1% and is holding up slightly better than major rival Bitcoin over this longer comparison period.

Instead of the expected big price explosion of ETH, a significant decline followed the adoption of the U.S. Ethereum Spot ETFs. Compared to $3,530 before the trading start, the ETH price has lost 32% so far, which has disappointed many crypto investors.

Some of the most popular altcoins saw particularly sharp price corrections. In double digits compared to the previous week, Solana (SOL), Toncoin (TON) and Polygon (MATIC), among others, lost.

Equity markets have also weakened somewhat recently. Japan's Nikkei lost 4.24% on yesterday's trading day, which may be due in part to recessionary concerns regarding the Chinese and U.S. economies.