Bitcoin : Approaches $58K As Market Now.
As the market dips ahead of a busy data week, Bitcoin approaches $58K.
According to one observer cryptocurrency markets are prone to ongoing position adjustments based on traditional financial markets because they lack a distinct anchor.
Over the weekend, there was a selloff in both Bitcoin and the larger cryptocurrency market.
As of right now, BTC is selling just around $58,500, down 4.8% over the previous day.
Exchange-traded funds (ETFs) that follow these currencies and are listed in the United States had withdrawals on Friday; BTC ETFs lost $89 million, while ETH ETFs saw outflows of $15.7 million.
Over the weekend, a decline in bitcoin (BTC) sparked a selloff in the broader cryptocurrency market as traders sought signals ahead of a busy week to decide where to position themselves.
According to Coin Desk Indices data, Bitcoin fell 4.8% on the previous day while trading slightly above $58,500 on Monday during Asian morning hours.
The Coin Desk 20 (CD20) cryptocurrency market had a 5.2% decline 3.5% was lost by Ether (ETH).
Exchange-traded funds (ETFs) that follow the assets and are listed in the US saw withdrawals on Friday.
Market data shows that ETH ETFs suffered outflows of $15.7 million while BTC ETFs lost $89 million.
With a 7% decline, Solana’s SOL and Tonkin (TON) lead losses among majors.
Dogecoin (DOGE) fell 6%,Cardan’s ADA and expr (XRP) fell 5%, and BNB Chain’s BNB fell 3%.
Tokens of the blockchains Aptos (APT), Arbitron (ARB), and metaverse are found elsewhere.
Data indicates that the Sandbox’s SAND fell as much as 7% ahead of the week’s unlocks, which will collectively release tokens valued at over $120 million on the open market.
The team and the initial investors own these tokens.
Citing technical weakness, some market observers cautioned of a potential BTC decrease in the following weeks, but they also mentioned impending traditional market releases that might exert upward pressure.
In a Telegram message to Coin Desk, Augustine Fan, head of insights at SOFA.
Org, stated, “Crypto prices will likely be rangebound with a bias to the weak side.”
“On-chain cost models and MVRV models suggest further possible shake-out before Jackson Hole, but the technical damage and sentiment drag remain.”
Cryptocurrency markets are prone to frequent changes in position and lack a distinct anchor.
Bitcoin : Approaches $58K As Market Now.
Over the previous few sessions, we have continued to observe subdued ETF inflows for Bitcoin and Ethereum,” Fan stated.
This Wednesday, the Consumer Price Index (CPI) for July will be released in the United States and the United Kingdom.
The releases of Australia’s consumer confidence, which gauges attitudes on family finances, and
Japan’s Producer Price Index (PPI), which records changes in the prices of items exchanged in the corporate sector, are planned for Tuesday.
Retail giants Alibaba Group and Walmart are scheduled to report their earnings on Thursday later this week.
Taiwan and Hong Kong will release their updated GDP figures on Friday.
Crypto prices are often influenced by traditional market events since they provide insight into consumer spending patterns and the overall health of the economy.
Positive news tends to push prices up because investors are likely to wager more on riskier assets, such tech stocks or cryptocurrencies; on the other hand, negative news tends to push assets lower because investors switch to safer bets.
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