Advertisement
AD

Main navigation

$319 Million Bitcoin (BTC) Loss Stuns Crypto Community

Advertisement
Mon, 2/09/2024 - 13:30
$319 Million Bitcoin (BTC) Loss Stuns Crypto Community
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Bearish sentiment has prevailed on the cryptocurrency market throughout this past week. The total market cap, as per CMC, is currently $2.04 trillion after a 0.39% dip over the last day. The community is worried as the market cap now inches closer to going below the prestigious $2 trillion level.

Advertisement

Bitcoin (BTC), the biggest crypto on the market in terms of market capitalization, is struggling during this time. It is currently trading at $58,420 after a minor 0.77% increase in the last 24 hours. It has dipped 9.41% over the past month as it failed to clear the next resistance levels. Bulls have been struggling to overcome the market as bears are controlling the narrative.

The price of BTC has remained stuck around the $58,000 range. Although it managed to go past the $63,000 level in the middle of August, the extended consolidation period seems to take over this brief rally. There has also been selling pressure on the coin in the recent past, and even Bitcoin-based investment products have been struggling.

Huge outflows in digital asset investment products

According to CoinShares research, crypto-based investment products witnessed significant outflows of $305 million in the last seven days. A broader bearish sentiment has been seen ion the market after the unveiling of stronger-than-expected economic data in the United States. This data has ended the chances of an interest rate cut in the near future. Bitcoin products were hard hit by this negative sentiment on the market.

Advertisement

There were around $319 million outflows in Bitcoin, which has further spread negativity among traders and institutions. On the other hand, Ethereum (ETH) also witnessed outflows of $5.7 million, ending the hype around the recent launch of Ethereum spot ETFs. Overall, investors are sitting on the sidelines, as bearish sentiment continues to prevail on the market.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD