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Bitcoin suffered its second-worst weekly drop of 2024 as demand for exchange-traded funds (ETFs) cooled and uncertainty over monetary policy grew.
Affected by the six consecutive days of outflows from US ETFs, Bitcoin fell nearly 5% today, falling below $61,000, reaching its lowest level in the past month.
Bitcoin suffered its second-worst weekly drop of 2024 as demand for exchange-traded funds (ETFs) cooled and uncertainty over monetary policy grew. Bitcoin was hit by six straight days of outflows from U.S. ETFs.
The leading crypto asset lost nearly 5% of its value today, falling below $61,000 and hitting its lowest level in the last month.
Growing doubts about whether the Federal Reserve will start reducing interest rates from their highest levels in two decades have shaken crypto asset markets.
David Lawant, head of research at FalconX, wrote in a report that current cryptocurrency market dynamics are “characterized by low volatility and weak trading volumes.”
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As a result of these developments, Bitcoin traded at $62,446 on the first day of the new week, down 4.8% on the day, while Ethereum traded at $3,314, down 5%. The total cryptocurrency market value is $2.24 trillion.
Cardano is trading at $0.37, down 4.3%, and Solana is trading at $126.62, down 5.3%.
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