July 18, 2024

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Bitcoin tumbles back to $60,000 to start the week

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A photo illustration depicting the cryptocurrency bitcoin.

Jakub Porzycki | NurPhoto via Getty Images

Bitcoin continued its descent to $60,000 on Monday.

The price of the flagship cryptocurrency was last down by more than 4% at $61,211.00, according to Coin Metrics. Earlier, it fell to $60,666.30, its lowest level in more than a month. It’s down more than 8% in the past week.

Digital asset investment products notched a second consecutive week of outflows, according to CoinShares. Last week crypto investment products saw their lowest trading volumes globally since the U.S. bitcoin ETFs launched in January.

“We have now seen $1.2 billion of outflows from crypto ETFs over the last two weeks which all began after the FOMC meeting. Our belief is that continued pessimism over the number of rate cuts is weighing on sentiment for crypto,” James Butterfill, head of research at the crypto-focused asset manager, told CNBC. “The Fed have indicated they need to see further evidence of inflation falling before they become more dovish, so any macro say that highlights inflation continues to fall will likely support prices, and conversely, an inflationary date will weigh on prices.”

Eleanor Gaywood, head of strategy at Coincover, said there are often market jitters ahead of the personal consumption expenditure index, the Fed’s preferred inflation gauge, which is due this Friday. She said signs of a rate cut in September could ease investor nerves and steady bitcoin’s price.

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Bitcoin has been steadily descending since the beginning of June

Additionally, bitcoin saw a jump in long liquidations, which forces traders to sell their assets at market price to settle their debts. In the past 24 hours, $97.83 million in long bitcoin liquidations have occurred across centralized exchanges, according to CoinGlass.

Cryptocurrencies broadly tumbled with bitcoin. Ether lost 4%, while the token tied to smart contracts platform Solana fell 3%, payments token XRP slipped…

2024-06-24 08:36:00

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