Bitcoin, the leading cryptocurrency, has recently experienced a downturn, hitting its lowest point in a month due to significant withdrawals from digital-asset investments.
Bitcoin price fell Monday morning, hitting its lowest level in a month as key withdrawals from digital-asset investments dented traders’ enthusiasm for riskier assets.
Bitcoin fell 2.1% to trade at $65,634. Earlier, the world’s largest cryptocurrency dropped as much as 2.5% to hit $65,300, its lowest since May 18. Bitcoin hit a two-month high of $71,100 on June 6.
Data from digital asset management firm CoinShares showed on Monday that investors pulled out a net $600 million from digital-asset products last week, marking the highest outflow since March.
The trend comes as traders scale back expectations for Federal Reserve interest-rate cuts this year amid worsening economic data. Such caution bodes poorly for speculative assets like cryptocurrencies.
After outperforming both stocks and bonds in the previous quarter, Bitcoin now trails traditional assets this quarter. The shift underscores the volatility and speculative nature of the cryptocurrency market.
Bitcoin started 2024 trading at about $44,000 early February as demand for U.S. exchange-traded funds drove the token to hit a peak of $73,798 in mid-March before cooling off as flows into ETFs slowed.
30-period Simple Moving Average for Bitcoin is $68,457 and 30-period Exponential Moving Average is at $67,416.
Currently, Bitcoin ETFs have a total market cap of $82.04 billion, with Bitcoin Futures at $2.31 billion and Bitcoin Spot ETF at $79.74 billion.
In the past 24 hours, Bitcoin ETFs recorded a trading volume of $1.38 billion, with Bitcoin Futures at $160.31 million and Bitcoin Spot ETF at $1.22 billion.
Bitcoin’s recent decline highlights the ongoing challenges facing the cryptocurrency market, which are influenced by broader economic factors and investor sentiment.
As traders navigate these price fluctuations, the trajectory of Bitcoin continues to be a subject of close speculation and scrutiny.
News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-tumbles-month-low-investors-pull-economic-uncertainty.html
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