Bitcoin falls to $60,000 at the beginning of the week

Monday, June 24, 2024 - 19:42
Point Trader Group

Cryptocurrency leader Bitcoin continued its decline to $60,000 on Monday.

The price of the major cryptocurrency was last down more than 4% at $61,211.00, according to Coin Metrics. Earlier, the currency fell to $60,666.30, its lowest level in more than a month. This is after it fell more than 8% last week.

Digital asset investment products posted a second straight week of outflows, according to CoinShares. Cryptocurrency investment products last week saw their lowest trading volumes globally since the launch of bitcoin ETFs in the US in January.

About this move, “We have now seen $1.2 billion in outflows from cryptocurrency ETFs over the past two weeks, all of which began after the FOMC meeting,” adding, “We believe that continued pessimism about the number of interest rate cuts is impacting currency sentiment.” encrypted.

Butterville added, “The US Federal Reserve has indicated that it needs to see more evidence of declining inflation before it becomes more pessimistic, so any macro indicator that indicates inflation will continue to decline is likely to support prices. Conversely, the history of inflation will affect... the prices".

For her part, Coincover's chief strategy officer, Eleanor Gaywood, said that there are often tensions in the market ahead of the personal consumption spending index, the US Federal Reserve's preferred measure of inflation, which is scheduled to be released on Friday.

She believed that signs of an interest rate cut in September could ease investors' nerves and stabilize the price of Bitcoin.

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