A week ago, CoinDesk informed readers of the renewed rotation of funds into dollar equivalents such as tether and USD Coin (USDC) stablecoins as bitcoin pulled back from the early May highs above $80,000. That combination was an early warning sign of potential full-blown risk aversion in the crypto market.
Those early warning signs have now turned into a full-blown trend.
Bitcoin has dropped about 12% over the past week to around $66,800, pulling the broader crypto market lower with it, CoinDesk data show. Bitcoin’s dominance rate, or its share of the total crypto market, has fallen to 58.5%, reversing gains that had pushed it as high as 61.2% in April and early May.
