Key points:
The cryptocurrency market has seen a mild downturn over the weekend, with Bitcoin falling to $57,600 as of press time. This marks a 1.5% decline over the past day and a nearly 10% decline over the past week. Bitcoin maintains a market capitalization of $1.1 trillion and a 54% market share.
Meanwhile, ETH, the second-largest cryptocurrency, saw its price drop to $2,447, reflecting a 1.7% decline over the day and an 11% decline over the past week. Over the past 24 hours, the total value of Bitcoin longs liquidated on centralized exchanges was over $41.5 million, contributing to a broader market liquidation of $162 million.
Read more: Bitcoin ETF Outflow Sees 9 Days of Market Negativity in August
The recent drop in Bitcoin prices comes after a week of net outflows from Bitcoin ETFs in the United States, totalling $276 million, according to data from Sosovalue. According to Coinglass data, the funding rate for Bitcoin futures on derivatives exchanges has turned negative, indicating a bearish outlook among traders.
Additionally, Bitcoin miner revenue hit a new yearly low in August, with subsidies and fees generating $851 million, of which only $20 million came from on-chain fees, according to The Block’s data dashboard. These factors suggest continued pressure on Bitcoin prices and the broader cryptocurrency market.
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. |
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