NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Bitcoin ETF Outflows and Fed Uncertainty Drive Cryptocurrency Market Decline

Published 06/24/2024, 06:40 PM
Updated 06/24/2024, 08:45 PM
© Reuters Bitcoin ETF Outflows and Fed Uncertainty Drive Cryptocurrency Market Decline
BTC/USD
-
COIN
-
BITO
-
BTF
-

  • Bitcoin falls below $63,000 due to prolonged ETF outflows and broader economic uncertainty.
  • Top 100 digital assets drop 5% in a week, signaling reduced risk appetite among investors.
  • Upcoming U.S. ETFs for Ether and continued interest in Solana despite market setbacks.

The cryptocurrency market has suffered significant setbacks, marking its second-worst weekly performance of 2024. Data from Bloomberg indicates that the top 100 digital assets fell a collective 5% last week, the steepest decline since April. This downturn coincides with a decrease in demand for Bitcoin-related exchange-traded funds (ETFs) and lingering uncertainty regarding the U.S. Federal Reserve’s monetary policy strategies.

Bitcoin, the leading cryptocurrency, dropped below $63,000 on Monday, reaching a one-month low. This decline has been fueled by a consistent outflow from U.S. Bitcoin ETFs, which have seen withdrawals for six consecutive days. Analysts are interpreting the pullback in digital currencies as a possible indicator of waning risk appetite across broader markets.

David Lawant, head of research at FalconX, notes that the current market conditions are characterized by low v…

The post Bitcoin ETF Outflows and Fed Uncertainty Drive Cryptocurrency Market Decline appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.