Cryptocurrency market drops amid continued capital flow of bitcoin money
Date
6/24/2024 5:25:46 AM
(MENAFN) Cryptocurrency prices experienced a downturn yesterday as a significant wave of capital outflow from Bitcoin funds traded on the American stock exchange persisted, driven by market fluctuations. Bitcoin, the leading cryptocurrency, saw a decline of 1.4 percent to USD64,035 during trading, while Ethereum fell by 0.42 percent to USD3,507.53, and Ripple dropped by 0.64 percent to 48.79 cents.
According to a report by CoinDesk, spot Bitcoin funds listed on American stock exchanges witnessed a substantial exit of investments totaling over USD900 billion throughout the week until yesterday. This trend of outflows from the funds has continued for five consecutive days, with the outflows from the 11 American funds reaching USD140 million on the day before yesterday alone.
These data shed light on the diminishing appetite for risk among investors, influenced by several factors including the uncertainty surrounding US monetary policy prospects. Additionally, the beginning of divergence in the policy paths of major central banks worldwide and the resulting changes in currency exchange rates have contributed to the prevailing market sentiment.
The prolonged outflow from Bitcoin funds indicates a cautious approach among investors, reflecting a broader trend of risk aversion amidst market volatility. As the cryptocurrency market navigates these challenges, investors remain vigilant and responsive to evolving economic and policy dynamics on both domestic and global fronts.
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