Bitcoin Plummets to One-Month Low Amid Outflows and Rising US Rates!
Key Points:
- Bitcoin dropped to a one-month low, falling 2.7% to trade around $65,300 amid concerns over outflows from digital-asset products.
- Digital-asset products witnessed $600 million in outflows last week, the highest since March, signalling cautious investor sentiment.
Bitcoin plummets to one-month low as concerns over outflows from digital-asset investments and higher-for-longer U.S. borrowing costs hit cryptocurrencies.
Bitcoin tumbled 2.7% on Tuesday, touching $65,300 as of 10:26 a.m. in Singapore. Other cryptocurrencies, like Ether, Solana, and even Dogecoin, also tumbled.
CoinShares International Ltd., in the update last week, $600 million in outflows from digital-asset products became the single largest weekly withdrawal since March. The trend has only overstated in times of heightened cautiousness among investors amid relentless pressure from inflation, which dented hopes of Federal Reserve interest-rate cuts any time soon. The reluctance to reduce rates poses a challenge for speculative investments like cryptocurrencies that thrive in low-interest-rate environments.
Read more: Spot Ethereum ETF vs. Spot Bitcoin ETF: Investments That Will Explode In The Future
Cryptocurrency Market Dips as Investors React to US Borrowing Costs
On a quarter-to-date basis, traditional financial assets such as equities and fixed income outperform Bitcoin, reversing last quarter’s performance. Digital assets outperformed traditional markets for the first three months of this year.
Investors are treading more carefully against such market sentiment, and cryptocurrencies’ value is checked against more traditional and stable investment avenues. The many wild swings that characterize the cryptocurrency market persist despite increasing scrutiny by retail and institutional investors alike, against the backdrop of continued uncertainties in the global economy, including inflationary pressures and monetary policy adjustments.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Author
News
Bitcoin Plummets to One-Month Low Amid Outflows and Rising US Rates!
Key Points:
- Bitcoin dropped to a one-month low, falling 2.7% to trade around $65,300 amid concerns over outflows from digital-asset products.
- Digital-asset products witnessed $600 million in outflows last week, the highest since March, signalling cautious investor sentiment.
Bitcoin plummets to one-month low as concerns over outflows from digital-asset investments and higher-for-longer U.S. borrowing costs hit cryptocurrencies.
Bitcoin tumbled 2.7% on Tuesday, touching $65,300 as of 10:26 a.m. in Singapore. Other cryptocurrencies, like Ether, Solana, and even Dogecoin, also tumbled.
CoinShares International Ltd., in the update last week, $600 million in outflows from digital-asset products became the single largest weekly withdrawal since March. The trend has only overstated in times of heightened cautiousness among investors amid relentless pressure from inflation, which dented hopes of Federal Reserve interest-rate cuts any time soon. The reluctance to reduce rates poses a challenge for speculative investments like cryptocurrencies that thrive in low-interest-rate environments.
Read more: Spot Ethereum ETF vs. Spot Bitcoin ETF: Investments That Will Explode In The Future
Cryptocurrency Market Dips as Investors React to US Borrowing Costs
On a quarter-to-date basis, traditional financial assets such as equities and fixed income outperform Bitcoin, reversing last quarter’s performance. Digital assets outperformed traditional markets for the first three months of this year.
Investors are treading more carefully against such market sentiment, and cryptocurrencies’ value is checked against more traditional and stable investment avenues. The many wild swings that characterize the cryptocurrency market persist despite increasing scrutiny by retail and institutional investors alike, against the backdrop of continued uncertainties in the global economy, including inflationary pressures and monetary policy adjustments.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Other Posts
Related Posts
Latest
Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum
USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products
Best Cryptos to Buy: Qubetics Set to Rise, Bitcoin Knocks at $100k Milestone, Avalanche to Release 1.67M Tokens
Press Release
Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum
USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products
