Bitcoin Cash

Future

Bitcoin

David Vance

Losses are mounting in the crypto market following its second-worst weekly decline of 2024, reflecting a decrease in demand for Bitcoin exchange traded funds and ongoing uncertainty over monetary policy. It has become a major piece of the latest crypto news.&nbsp; 
A gauge tracking the largest 100 digital assets dropped approximately 5% over the seven days ending Sunday, marking the steepest decline since April, according to data compiled by Bloomberg. Bitcoin, the leading cryptocurrency by market value, fell 4%, trading at $61,153 as of 11:44 a.m. Monday in London, reaching a low not seen in over a month. This decline coincides with a six-day streak of outflows from US ETFs dedicated to Bitcoin. 
Fears of increased selling pressure have been exacerbated by the cryptocurrency update stemming from an announcement from the rehabilitation trustee of Mt. Gox—a Japanese crypto exchange hacked over a decade ago—that it will begin repayments of Bitcoin and Bitcoin Cash in July. Stefan von Haenisch, head of trading at OSL SG Pte, commented, “Given the Mt Gox announcement, it seems market participants are positioning themselves short. Crypto markets are struggling to catch a bid at the moment.” 
<h2 id="b-market-concerns-on-bitcoin-exchange-traded-funds-b">Market Concerns on Bitcoin Exchange Traded Funds</h2> 
Following this crypto update, the current cracks in the crypto market emerge amid growing doubts about the Federal Reserve’s ability to quickly cut interest rates from their current two-decade high. For some analysts, the retreat in digital assets signals a broader decline in risk appetite. David Lawant, research head at FalconX, noted in a report, “The current crypto market dynamic is characterized by low volatility, soft volumes, and order books getting unbalanced when prices start to move to the edges of their range.” 
The downturn is particularly noticeable in certain digital assets. Ether and Solana are experiencing their longest run of weekly declines since last year and 2022, respectively. This trend persists even as fund companies prepare to launch the first US ETFs investing directly in Ether, the second-ranked crypto asset. Solana had recently been favoured by a variety of digital-asset hedge funds. 
<figure id="attachment_8683" aria-describedby="caption-attachment-8683" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-8683 size-large" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/06/maxim-hopman-fiXLQXAhCfk-unsplash-1024x683.jpg" alt="Bitcoin exchange traded funds" width="1024" height="683" title="Bitcoin Exchange Traded Funds Face Declines Amid ETF Concerns and Policy Uncertainty 21">
 <figcaption id="caption-attachment-8683" class="wp-caption-text">
 Bitcoin exchange traded funds
 </figcaption>
</figure> 
<h2 id="b-bitcoin-s-performance-and-future-outlook-b">Bitcoin’s Performance and Future Outlook</h2> 
In the cryptocurrency news, despite hitting a record high of $73,798 in March, Bitcoin is lagging behind traditional investments like stocks, bonds, and gold this quarter. The 200-day moving average, around $57,500, is now a potential support zone for Bitcoin’s price, as noted by IG Australia Pty Market Analyst Tony Sycamore. 
Bitcoin exchange-traded funds have faced dwindling demand, contributing to the recent market slump. The six-day streak of outflows from these ETFs has significantly impacted Bitcoin’s price, underlining the importance of investor confidence in these financial products. As investors continue to reassess their positions, the stability of Bitcoin exchange-traded funds remains a crucial factor in the overall health of the crypto market. 
The recent decline in the Bitcoin exchange-traded funds highlights the vulnerabilities and challenges it faces, particularly with regard to Bitcoin exchange-traded funds and monetary policy uncertainty. The Mt. Gox repayments add another layer of complexity, potentially increasing selling pressure in the near term. As the market navigates these issues, the performance of Bitcoin and other key digital assets will be closely monitored by investors and analysts alike. 
<h2 id="b-future-prospects-b">Future Prospects</h2> 
Moving forward, the introduction of the first US ETFs investing directly in Ether could provide a new dynamic in the market. However, the success of these funds will largely depend on investor sentiment and the broader regulatory environment. The performance of Bitcoin exchange-traded funds will continue to be a significant indicator of market trends, influencing the decisions of both retail and institutional investors. 
According to <a href="https://thebitjournal.com/">The BIT Journal</a>, as Bitcoin hovers around the 200-day moving average, market participants will be watching closely to see if this level provides the expected support. The ability of Bitcoin to maintain this support level could signal a potential stabilization in the market, offering some relief amid the recent turbulence. 
<h2 id="b-conclusion-b">Conclusion</h2> 
The crypto market’s recent declines underscore the ongoing challenges it faces, particularly concerning Bitcoin exchange-traded funds and broader economic factors. The forthcoming Mt. Gox repayments and the Federal Reserve’s monetary policy decisions will be key factors to watch. As the market evolves, the performance of Bitcoin and other major digital assets will provide valuable insights into the future direction of the crypto sector. 
&nbsp;

Bitcoin Exchange Traded Funds Face Declines Amid ETF Concerns and Policy Uncertainty

Table of Contents

The Bit Journal

Egyéb ezen a dátumon (2024. jún. 26.) megosztott cikkek

US Government Transfers 4,000 BTC

Ethereum’s supply has been inflating for 73 days straight

Shiba Inu Burns Take Flight With 101% Increase, SHIB Price Eyes New ATH

Telegram Suddenly Receives 30 Million TON in Epic Transfer: Details

Cardano Founder Breaks Silence on Recent Spam Attack on Network

Millions in Seized Bitcoin Moved to Kraken by German Authorities

Join our free newsletter for daily crypto updates!