Bitcoin’s price drop accelerates shift to digital dollars
Bitcoin has dropped about 12% over the past week to around $66,800.
The crypto market is seeing a capital flight into dollar-linked stablecoins.
Bitcoin’s dominance rate has fallen to 58.5%, reversing gains that had pushed it as high as 61.2% in April and early May.
The shift into stablecoins echoes previous crypto sell-offs, with USDT and USDC’s market shares rising to multi-month highs, now making up around 11% of the overall market.