Ethereum

Reserve Dollar

Constant

when

Reserve

The global digital assets market dropped by over 3% as Bitcoin (BTC) and Ethereum (ETH) recorded another slump over the last 24 hours. BTC touched a one month low as outflows from crypto linked ETFs hampered the market. Bitcoin drops by 4% 
<a href="https://news.todayq.com/are-bitcoin-etfs-falling-out-of-favor-junes-market-shocker/" rel="noopener noreferrer nofollow">Bitcoin price</a> dropped by more than 4% in the last 7 days while it has declined by around 3% over the past 30 days. This shows that the BTC has been dealing with high selling pressure for a long period of time despite witnessing favorable regulatory results.
Tuesday saw BTC wearing off another 2%, reaching a level last seen in mid-May. Bitcoin price dipped to the $64,600 level. It is trading at an average price of $65,669, at the press time. Meanwhile, its 24 hour trading volume jumped by 112% to stand at $36.4 billion. This suggests that the investors are offloading their holdings.
Approx $600 million was pulled from digital-asset products last week. This marked the largest outflow since March. Constant inflation has led traders to lower expectations for Federal Reserve interest-rate cuts this year, posing a challenge for speculative investments like crypto.
The first quarter of the year saw traditional markets delivering better returns this quarter. Stocks and bonds have outperformed Bitcoin, a stark turnaround from the three months through March when digital assets significantly outpaced traditional markets. BTC lagging behind? 
Bitcoin has quadrupled in price since the start of 2023, reaching a record high of $73,798 in March. It was driven by demand for dedicated US ETFs. However, the rally has cooled recently with a moderation in ETF inflows.
As stocks and bonds deliver better returns than Bitcoin this quarter, there is a growing concern that the crypto boom may run out of steam. Global equity, fixed income, and commodity indices have all outperformed Bitcoin, which has shed about 5% since the start of April.
In South Korea, a local report suggested that new regulations due next month could force exchanges to reduce the number of tokens available to investors. South Korea is a significant market for smaller digital assets so-called altcoins and the report may have unsettled traders.
Bitcoin’s price retreat after setting a record in March has seen repeated failed attempts to rally back toward the peak. Developments that previously excited market participants, such as inflows into US Bitcoin ETFs or optimism over potential Federal Reserve interest-rate cuts, now struggle to generate the same enthusiasm.

Crypto market prints red, Bitcoin hits One-Month low

Todayq News

Other articles published on Jun 18, 2024

Bitcoin Drops Below $65K: 'Summer Time Sadness' Coming?

Crypto: Ripple Partners with Ten Governments to Develop CBDCs

BNB Chain BEP-336 Coming Soon Inspired by Ethereum’s EIP-4844

5 Best Cheap Crypto to Buy Now Under 1 Dollar June 18 – Minu, BitTorrent (New), eCash

Ethereum Breaks $3,500 Barrier: Could It Reach $5,000 This Year?

Popular French Magazine Paris Match Converts Iconic Photos Into Ethereum NFTs, Puts Them For Sale...

Join our free newsletter for daily crypto updates!