Bitcoin continues to decline following the crypto market’s second-worst weekly drop of 2024, driven by cooling demand for Bitcoin ETFs and monetary policy uncertainty, according to Bloomberg, the largest 100 digital assets fell about 5% in the past week, the biggest drop since April.
As of 9 a.m., Monday in London, Bitcoin dropped 2% to $62,440, its lowest in over a month. This decline follows a six-day streak of outflows from US Bitcoin ETFs.
Learn how to trade Bitcoin with Top Forex brokers: strategies for bull and bear markets
The crypto market is struggling with doubts over the Federal Reserve’s ability to cut interest rates quickly from a two-decade high. Some analysts see the drop in digital assets as a sign of weakening broader risk appetite.
Ether and Solana are also experiencing their longest weekly declines since last year and 2022, respectively, despite upcoming US ETFs investing directly in Ether.
Bitcoin, which hit a record $73,798 in March, is currently underperforming compared to stocks, bonds, and gold this quarter.
Subscribe for our newsletter
Get Forex brokers reviews, market insights, expert analytics and education material right into your inbox for free!