Bitcoin
Bitcoin (BTC) Sees $630 Million Outflows Amid Crypto Bloodbath
Mushumir’s ass
Bitcoin’s Troubles Continue as Bearish Sentiment Prevails in the Market
Read U.TODAY at
google news
Bitcoin (BTC) has witnessed massive outflows amid the ongoing crypto bloodbath. According to CoinShares Research Blog, Bitcoin recorded outflows of US$630 million last week. Although this has raised concerns in the community, the situation appears to be getting worse.
Collectively, digital asset investment products recorded outflows of US$584 million. Notably, this was the second consecutive week of outflows observed in the market. This dramatic drop in digital asset investment products comes in a context of macroeconomic concerns.
Investors seem to be worried about the FED’s next decision regarding interest rate cuts. There is a negative sentiment in the market as investors have started to ignore risky assets like Bitcoin and altcoins.
Ethereum (ETH), the market’s leading altcoin, also saw outflows of $58 million last week. This negative trend for ETH is crucial as it highlights how bearish traders have become on the broader market.
Bitcoin price drop
Amid these huge outflows of digital asset investment products, the price of Bitcoin also collapsed today. BTC price plummeted 4.80% to $61,184 per CoinMarketCap. This is a worrying situation as the top cryptocurrency has not increased significantly following the recent halving.
Many expected a big recovery after the Bitcoin halving. Historical patterns suggest that BTC continues to rise following these events. However, the market did not witness this trend this time.
Although bearish sentiment prevails in the market, some still suggest that Bitcoin will not start a rally right after the halving. They predict that Bitcoin will take time and may begin this early recovery in the long term.
Notably, today’s Bitcoin crash comes amid the latest declaration of the defunct Mt. Gox crypto exchange. The statement revealed that the exchange will begin refunding stolen goods to its users starting next month. These refunds will be made in Bitcoin and Bitcoin Cash (BCH).
About the author
Mushumir’s ass
With over three years of immersive experience in the crypto industry, Mushumir is an experienced crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique combination of technical insight and communicative talent to the crypto space. Having written countless articles, analyzes and market reports, Mushumir has developed a distinct voice that resonates with both seasoned investors and crypto newcomers.