Bitcoin, the leading cryptocurrency, has recently experienced a downturn, hitting its lowest point in a month due to significant withdrawals from digital-asset investments. On June 18th, 2024, BTC fell by 2.1%, matching levels last seen in mid-May before stabilizing.
What’s causing the downturn? Here’s a deep dive.
Recent data from CoinShares International shows a substantial $600 million withdrawal from digital-asset products last week, marking the highest outflow since March. This trend comes amidst ongoing worries about inflation, leading traders to scale back expectations for Federal Reserve interest-rate cuts this year. Such caution poses a significant challenge for speculative assets like cryptocurrencies.
In a notable shift from the previous quarter, where Bitcoin outperformed stocks and bonds, the current quarter has seen traditional assets take the lead. This shift highlights the volatile and speculative nature of the cryptocurrency market.
Bitcoin is currently trading at $65,634, down from its peak of $71,100 in early June. Since the start of 2024, Bitcoin has seen significant price swings, starting from around $44,000 in early February, driven by demand for US exchange-traded funds. However, it peaked at $73,798 in mid-March before cooling off alongside reduced flows into ETFs.
The 30-period Simple Moving Average (SMA) for Bitcoin is $68,457, with the 30-period Exponential Moving Average (EMA) slightly lower at $67,416—both figures above the current market price of $65,634.
Bitcoin ETFs currently hold a total market cap of $82.04 billion, with Bitcoin Futures at $2.31 billion and Bitcoin Spot ETFs at $79.74 billion. Over the past 24 hours, Bitcoin ETFs recorded a trading volume of $1.38 billion, including $160.31 million from Bitcoin Futures and $1.22 billion from Bitcoin Spot ETFs.
Bitcoin’s recent decline highlights the ongoing challenges facing the cryptocurrency market, influenced by broader economic factors and investor sentiment. As traders navigate these fluctuations, the trajectory of Bitcoin remains a subject of intense speculation and scrutiny.
Also Read: Top Altcoins To Watch For The Next Week!
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